Bitcoin, the explosion continues (today's high on Mt.Gox $750!)

I posted only 4 days ago in this thread.:

As I write this, BTC is trading on Mt.Gox at $433, down from today's high of $446 but still up $60 from 48 hours ago. BTC is the very stuff of conspiracy theories--springing into existence in 2010, the creation of the mysterious individual or group known only as Satoshi Nakamoto, who gifted BTC to the world before promptly disappearing months later.

According to blockchain.info there is approximately 11956300 BTC in circulation which is worth about $5,224,903,100 at current prices. BTC/USD rates roughly doubled between 10/3 and 11/4 and then again by 11/13.

Fresh off Mt.Gox ticker:

Last price: $726.75042 High: $750.00000

11969540 BTC in circulation @ $725 = $8,677,916,500. The Winklevi are richer than ever. Even if you've never possessed a Bitcoin wallet, this is something worth taking note of.

UPDATE:
LTC (Litecoin, the 2nd most popular crypto) from the BTC-E ticker:
Last Price: 8.15 USD Low: 4.0009 USD High: 9.47 USD

23,126,200 LTC in circulation * $8 = $185,009,600

UPDATE 2:

Last price: $779.00000 High: $788.00000 I'm hearing a lot of talk of BTC hitting $1,000 tonight (probably before dropping back to ~$600 in the next day or two)

reply to post by theantediluvian


CPU (Central Processing Unit) Time is becoming currency.

Cloud computing will ensure global slavery even during the robot economy!!

reply to post by theantediluvian


Never in my wildest imagination would I have guessed that would ever happen. If I owned any bitcoins, I would sell them now...unless I paid next to nothing for them, then I would "let it roll".

I obviously don't understand this "currency" and will not. I have, and will continue to, equate them to Beanie Babies.

A lot of stealth bit coin mining is occurring as well.

Like Malware that turns your PC into a Bitcoin miner for some shady group...

This is getting scary...

Or Malware that makes you spend bitcoin to get your information back...

Saw this today, thought I would share.
Malw are 'CryptoLocker'

AbleEndangered
A lot of stealth bit coin mining is occurring as well.

Like Malware that turns your PC into a Bitcoin miner for some shady group...

This is getting scary...

Not so much now. CPU mining has been dead for a long time as soon as ASICs hit the market, GPU mining for BTC was dead. I've been part of a small mining operation for a while and we're using 20 GPUs to get about 10mhash/s ~7.5 LTC per day. It's been profitable for us all along because we've been powering our rigs for "free."

Earlier today there was the first senate hearing on Bitcoin broadcasted live on C SPAN.
Bitcoin to Congress: Take Me Seriously

Bloomberg previews Bitcoin to Congress.

Update:

In testimony prepared for the hearing before the SenateHomeland Security and Government Affairs Committee, federal law-enforcement agencies said that while the anonymity and decentralized nature of some virtual currencies could pave the way for fraud, they also held potential benefits.

U.S. Officials Examine Bitcoin at Senate Hearing

reply to post by theantediluvian


Soon you will be saying GPU is dead and cloud mining is the way to go!!

I used the term CPU time because that is what is occurring. Your GPU is a dedicated CPU for Graphics.

Eventually everyone will be wired and wirelessly into a central hub for electricity and CPU. Your Electric, Internet and communication bill may eventually be rolled into one bill.

A CPU time bill...from the cloud computer.

It will become more efficient for humans to utilize a central processing hub. Now who controls this hub is another story.

It kinda gets described in the Animatrix 2nd Renaissance Anime Short.

Here is a brief video from it.

The Million Machine March
www.youtube.com/watch?v=bZGzMfg381Y
www.youtube.com...


another:

Animatrix - Humanity's War With Machines
www.youtube.com/watch?v=cTLMjHrb_w4
www.youtube.com...


no full vids of this on youtube, a must see tho.



Its coming if the asteroids don't come first....

How Robots Will Change the World - BBC Documentary
www.youtube.com/watch?v=8zP7yP8hdLE
www.youtube.com...


The Asteroids will stop us from becoming like Blade Runner, or maybe liberating us from it. Its just a step too far for the Superiors!!

"Blade Runner (1982)" Theatrical Trailer
www.youtube.com/watch?v=KPcZHjKJBnE
www.youtube.com...


Prometheus Viral Clip # 1 (TED Talk 2023)
www.youtube.com/watch?v=jb7gspHxZiI
www.youtube.com...




We are heading right for Elysium. I still haven't seen the flick other than trailers, but what I have seen of it is the direction Humanity is taking!

Robots beating Humans...

Will Be:

Upper Oligarchy Class
Upper Class
Robot Class
Then, Lower Human Class that will be visually distinguishable from the other classes!

ELYSIUM - Official Full Trailer - In Theaters 8/9
www.youtube.com/watch?v=QILNSgou5BY
www.youtube.com...


Robots beating up Humans...



Free Born will be outlawed!!

This has all played out before...

reply to post by theantediluvian


Today's high is now $900. Its gone up about $300 in a single day.

That's all well and good but from what I see the majority of people can't get their money out of bitcoins and robbery is rife. A bitcoin could be worth 1 million dollars but isn't going to replace any real currency any time soon or hold it's value. It's been over inflated by gangs and hackers and has zero credibility

PhoenixOD
reply to post by theantediluvian

 

Totdays high is now $900. Its gone up about $300 in a single day.

Wow.

Puts me in mind of 2 words: Tulips. Holland.

Hey - Wait a minute...I'm pretty sure I have some of them from back when they first came out - I did a little mining along with my seti@home stuff. Of course I'll never find any info about them as it was about 6 computers ago...

sigh...

Its a Ponzi scheme, to get people to buy in then they will crash its value.

AthlonSavage
Its a Ponzi scheme, to get people to buy in then they will crash its value.

Who is 'they'? and how could 'they' crash the value? and what would be the point of that anyway?

It is bound to dip a bit now though as some people cash in.

reply to post by PhoenixOD


This is no different than share floats, I have seen them in the first 2-3 months the price goes up to several times original value, 4 months later its worth lless than what originally bought for. What does Bitcoin have backing it? Gold, property, plant? Its being held together by hot air at the moment.

Unless you have thousands of dollars to spend on a processing unit, it is pointless to pursue bitcoins.

When Bitcoins first hit the scene it was easy to mine them because it didn't require a lot of effort for a computer to solve the algorithms for bitcoin mining.

Now you need multiple processors combined with teams of other people's processors just to mine a fraction of one bitcoin. Not to mention any money you make would go towards your massive power bill.

Why is the price of Bitcoin rising? Easy, because it takes such an incredible amount of computation just to mine one. So back to square one.... if you were one of the lucky ones to snag them when it was easy then you reap the benefits.

reply to post by PhoenixOD


Whom is "they" and how could they crash bitcoin...
Interesting...usually one has to have the most and sell at a market surprise.....is Bitcoin crash proof?

reply to post by PhoenixOD

Well, if I was a Bitcoin millionaire a year or so ago, I would sell in a heartbeat now! What would that do to the "currency" to have that many sold and flooding the market? Wouldn't others with lots get scared as well and sell? Would that not devalue this "currency"?

reply to post by GBP/JPY


The question wasnt 'what happens when someone with a lot of bitcoins suddenly sells them all at once".

The question was who is this shadowy figure running a ponzi scheme and how would they crash a currency and for what aim.

I was in about two years ago mining after the first big crash (from $50 back down to $3). For the poster above who said it's getting harder to mine....that's the point.

At first it was supposed to be easy to mine because it was the "discovery" phase. Now there are billions of dollars around the globe tied into Bitcoins and payment processing systems are being developed rapidly.

You better believe this isn't going away and has real value. Chase sent me a letter saying my business account couldn't send international wires anymore. Okay, no problem. I sent my international business partners Bitcoin payments now that don't get charged fees and arrive instantly. He can then convert them on the fly to the currency of his choice.

My company will also begin accepting Bitcoins as payment for our software products here shortly. It's great for us because we'll save about $15 in transaction fees per purchase. Over the course of thousands of transactions a year that really adds up.

Look for the value of Bitcoins to continue to go up exponentially because of their scarcity. There will only ever be 20 million Bitcoins in existence. I don't know that it will ever be a primary currency, but I see it getting at least 50x bigger as the market expands and coins are destroyed. So in the future a Bitcoin may be worth $50,000, but they're divisible up to 8 decimal places so if 50 million people get involved worldwide in Bitcoin (we're probably close to that number now) you have to start dividing them up into fractions of a coin.

The fact that governments can't manipulate them artificially is absolutely huge. Bitcoin is a currency by the people and for the people. When people fully understand what that means you'll see the price explode even more than it already has. Bitcoins can be transferred to any currency on the fly so if the dollar crashes you can convert to Euros or wait until another currency emerges and transfer at that point without getting grossly devalued.

I don't really wanna buy into them but you have to admit it's cool to watch.

I just like the idea of food and water better is all.