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  • EADD Moderators: Pissed_and_messed | Shinji Ikari

Bitcoins

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Christ for once i was lucky in my timing on using SR, i got just enough bupe to complete a comfortable taper, spent all my coins. If it had gone down when i was new to bupe and just bingeing on it using 4mg chunks to get high, rather than using it as it was meant to be used, i would have been left high and dry, literally, stuck on 8mg of bupe and then the supply suddenly cut, would have been hell. Thank God the timimg wasnt bad for me, but some people may have been caught out in the way i described above and that would be rough as fuck, dont like to imagine how desperate they must have felt.
 
Wonder whats caused it to jump up so fast, was £90 on bitty yest morning
 
Dunn oexactly how they work but surely a personal wallet stored on a usb or whatever couldn't be pinched by any shady fuckers?
 
^ No, the owners of Mybitcoin.com shut the site down and ran off with millions of $$ worth of bitcoin.

What's to stop any of your other bitcoin wallets to do the same? Might happen tomorrow, next week, next month, next year, 5 years time. I'd be very cautious if anyones investing in this currency.
 
Cause the way i understand it, with online wallets, theyr hosted on the site (blockxhain.info do one etc etc). With those 'physical' wallets, they're downloaded onto your pc/usb/whatever, not hosted on any site and completely owned by you. Hence why the FBI can't get unbrichs coins atm. Dont have a physical wallet though so my understanding of it could be way off. Any online one could be nashed off with but not a downloaded one
 
Hmmmm... You really have to watch what you say on here. Believe it or not drug forum users would be a prime target for investigators of the FBI. That's sorta how they got Ulbricht.




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Now I have the attention of the FBI. I would just like to point out that i definitely do not buy bitcoins, and my former questions were for my own information only. Have a peruse round the theology thread and you'll clearly see i'm a drug-hating Christian. If you're looking for accounts to raid, may i recommend ColtDan.

ColtDan said:
Yeah good point

i wonder how closely they watch this place. ah well ive got hardly fuck all so they can raid me
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Mendo_K said:
They start increasing in value like fuck.... In theory.
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Aye? No idea how this works its twists my head to comprehend, i have this mental image of a load of things mining in a sort of diamond mine, how will you know when there's none left?
 
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.

The Bitcoin protocol is designed in such a way that new bitcoins are created at a fixed rate. This makes Bitcoin mining a very competitive business. When more miners join the network, it becomes increasingly difficult to make a profit and miners must seek efficiency to cut their operating costs. No central authority or developer has any power to control or manipulate the system to increase their profits. Every Bitcoin node in the world will reject anything that does not comply with the rules it expects the system to follow.

Bitcoins are created at a decreasing and predictable rate. The number of new bitcoins created each year is automatically halved over time until bitcoin issuance halts completely with a total of 21 million bitcoins in existence. At this point, Bitcoin miners will probably be supported exclusively by numerous small transaction fees.

Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a limitation because bitcoins can be divided up to 8 decimal places ( 0.000 000 01 BTC ) and potentially even smaller units if that is ever required in the future. As the average transaction size decreases, transactions can be denominated in sub-units of a bitcoin, such as millibitcoins ( 1 mBTC or 0.001 BTC ).


http://bitcoin.org/en/faq
 
ColourfulKronos said:
Cause the way i understand it, with online wallets, theyr hosted on the site (blockxhain.info do one etc etc). With those 'physical' wallets, they're downloaded onto your pc/usb/whatever, not hosted on any site and completely owned by you. Hence why the FBI can't get unbrichs coins atm. Dont have a physical wallet though so my understanding of it could be way off. Any online one could be nashed off with but not a downloaded one
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your understanding of it is exactly the same as mine, of course we could both be wrong, but as our understanding makes sense, im happy to believe it. I dont see the point in owning coins on a usb, they are there to be spent as soon as they are purchased, unless youre trying to play the market to make some money.
 
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