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  • EADD Moderators: Pissed_and_messed | Shinji Ikari

Bitcoins

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Not sure what to do about the coins though.,, no doubt the US Govt will be transferring all the coins to there own wallet, and then in turn they will have to sell them? What are they going to do with a load of bitcoins, they wont just destroy them they like to justify it and reuse the money to fight the war on drugs.

Think for the meantime though once it hits all the news etc it will continue to drop, I dont think it will rise again for a while though...
 
i think the prices may be artificially fixed for a while. If no one buys them though, the traders will be forced to lower the prices.

The FBI wont have the power to force any trader to cash in their 2 million coins ? So they could be stuck with worthless, unusable coins. Unless they start trading in them themselves, and sell them off to private buyers ? It could all get very murky.
 
mydrugbuddy said:
The FBI wont have the power to force any trader to cash in their 2 million coins ? So they could be stuck with worthless, unusable coins. Unless they start trading in them themselves, and sell them off to private buyers ? It could all get very murky.
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The FBI definitely won't have the power to convert them into dollars, people have a hard enough time with a few thousand dollars worth of coins (as discussed earlier in this thread) let alone millions.

I don't fully understand how bitcoin wallets work (have always gone for the buy on localbitcoins, transfer to SR immediately, spend immediately, so have had no need for a wallet to store them) but it sounds like the FBI are going to have a hard time accessing Ulbricht's coins without his private key or something?

http://www.ibtimes.co.uk/articles/511934/20131007/silk-road-bitcoins-600000-remain-reach-fbi.htm

I love how people are using blockchain.info to send note's to the FBI's wallet though ;)

http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
 
roganjosh said:
I love how people are using blockchain.info to send note's to the FBI's wallet though ;)

http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
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Genius

I be putting a crew together of the scuviest cyberpirates in the i.p. seas. We be settin' sail lookin' for the Bitcoin treasure of the Dread Pirate Roberts. All we needs do lads is find the buried private key, Yeearrrggh!
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=D

Loads of people begging for bitcoins. A few toppers...

I'm a deaf blind albino midget with no legs. I hope one day to buy a karaoke machine so I can become a great singer to seduce Miley Cyrus. Any help is appreciated.
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fuckin hell bitcoin price is currently $126 dollars. Theres no way Im bying any more unless they come down at least 50 $. I wonder if this spike is because the FBI have depleted the available amount of the currency by seizing 2 million coins, and made the currency more valuable as a result. I was expecting to see them going at something like $40 or something. They were around $75 last time i bought any before the SR fiasco.
 
mydrugbuddy said:
fuckin hell bitcoin price is currently $126 dollars. Theres no way Im bying any more unless they come down at least 50 $. I wonder if this spike is because the FBI have depleted the available amount of the currency by seizing 2 million coins, and made the currency more valuable as a result. I was expecting to see them going at something like $40 or something. They were around $75 last time i bought any before the SR fiasco.
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there is PLENTY more coins to be mined, it's more likely due to the learnings of other certain sites ;)
 
lol.

i know its not a simple process. I'll re-phrase my question. Assuming you have the necessary software and know how, how long would it take a mid range pc to mine 1 bit coin ?

If the answer is something less than 2 weeks then its worth looking into as a way of spinning money out of thin air and electricity.
 
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If you were to start mining now with a mid range PC it would not be worth it electricity wise, ive got a pretty good PC and I ran some test and it still isnt worth it, this bastard was about £600 a few years ago. You have cunts with 30 or so custom mining machines all going at the same time, thats how you make the money..... if any.

This guys setup below now at the current rate is barely worth it.

 
No point mining at all unless you have a PC with 4 recent GPUs in SLI (or custom mining hardware) and access to free electricity.

Would love to work out some project where a mining rig was powered by some renewable energy source at some point though, would feel a bit like money growing on trees.
 
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