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Anonymous
(Login clinteastwoodbradfield)
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Re: silk road?

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June 12 2013, 4:02 PM 

I've never been so confused by a thread

 
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Anonymous
(Login Chairman_LMAO)
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Re: silk road?

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June 12 2013, 4:30 PM 

It's a decentralised currency, effectively. Isn't it? So who/how are they issued. What's to stop me issuing my own Bit Coins?

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Anonymous
(Login .orgisdead)
TopBoy

Re: silk road?

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June 12 2013, 4:39 PM 

All you have to do is write the software from scratch, design the algorithms and set it loose. Easy as shit.

 
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Anonymous
(Login _pissed_mist_)
TopBoy

Re: silk road?

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June 12 2013, 4:45 PM 

You can create your own if you want to put the effort and cost in.

Bitcoins are created by miners, which are essentially people who have invested in really powerful computer hardware which they then set off mining coins. Basically, the mining of bitcoins involves linking up to the bitcoin network which then assigns your processor with the task of solving extremely complex mathematical problems which uses a lot of power/electric and hardware strain. Once your computer has achieved a certain ration of these maths problems a new bitcoin is then added to the network/blockchain which you then own. There are a limit of 21 million bitcoins, which is hardcoded into the blockchain code. Once 21 million coins have been mind thats it. I think half have already been mined though so there are another 11 million or so left to be mined.

 
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Anonymous
(Login Chairman_LMAO)
TopBoy

Re: silk road?

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June 12 2013, 4:49 PM 

I like the idea of being a Bit Coin propector. How much does that tech cost then? And does anyone know who the issuers are?

And surely at some point some genius with find a breach, no?

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Anonymous
(Login _pissed_mist_)
TopBoy

Re: silk road?

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June 12 2013, 5:20 PM 

"I like the idea of being a Bit Coin propector. How much does that tech cost then? And does anyone know who the issuers are?"

Not sure. Just google 'bitcoin mining rigs'

"And surely at some point some genius with find a breach, no?"

Possibly but I doubt it as bitcoin is a distributed technology much like bit torrents are. Eventually all new bitcoins need to be verified by the network which has the the largest most powerful combined computational power on the planet. It's something like 1674 petaFLOPS, and growing daily. You would need computational power in excess of that to break the bitcoin blockchain. In contrast the most powerful supercomputer in the world today is just under 55 petaFLOPS.

 
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Anonymous
(Login _BFTC_)
RIP

Re: silk road?

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June 12 2013, 8:46 PM 

This was the original basis for the model.

http://bitcoin.org/bitcoin.pdf

http://motherboard.vice.com/blog/who-is-satoshi-nakamoto-the-creator-of-bitcoin

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libbyloolaa
(Login cheesequiche)
TopBoy

Re: silk road?

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June 13 2013, 4:27 AM 

At the moment the spot price for 1 bitcoin is £70.24

PM when did you check this?
last night (pretty much bang on 24hrs ago actually) it was £69.--
i know it changes but is that normal? any idea of the range?

 
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Anonymous
(Login cooksy.)
TopBoy

Re: silk road?

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June 13 2013, 8:49 AM 

gist please.

 
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Anonymous
(Login gah_rage_fantastica)
TopBoy

Re: silk road?

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June 13 2013, 9:40 AM 

It can change a lot and very quickly. It experienced a boom last month which a lot of people expected to be followed by a complete crash. While it did sink a bit, it seems to have stabilised. Either way, it can often be very dependant on the amount of press coverage it's getting.

http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv

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Anonymous
(Login _pissed_mist_)
TopBoy

Re: silk road?

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June 13 2013, 10:45 AM 

"it can often be very dependant on the amount of press coverage it's getting"


Yeah it is pretty volatile as it's a very small market, just over a billion dollars, which is very small for a currency. It quadrupled in value in a couple of weeks in April just on the news of the banking crisis in Cyprus. Wait til the next bank needs to be bailed out and it will shoot up again.

 
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Anonymous
(Login gah_rage_fantastica)
TopBoy

Re: silk road?

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June 13 2013, 10:59 AM 

Yea, it's a very interesting thing to follow. I think if you can play it right, you can make a fair bit of money off it. I'm jealous of the some of those people who bought in early on, forgot about it and were then reminded when the value shot through the roof.

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Anonymous
(Login cameron__)
TopBoy

Re: silk road?

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June 13 2013, 12:34 PM 

It all seems a bit strange to me and interesting to follow. It seems to be a bit elitist. Is it the future?

I follow Max Keiser on twitter and he goes through periods of constantly talking about it.


 
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Anonymous
(Login _pissed_mist_)
TopBoy

Re: silk road?

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June 13 2013, 12:45 PM 

"It seems to be a bit elitist"

It's actually quite the opposite in principal though as it isn't controlled by any one group of people like all other currencies are. Granted, there is a learning curve that you need to get your head around before you can start with bitcoin but other than that it's a totally free market currency.

 
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Anonymous
(Login phoenixlazarus)
TopBoy

Re: silk road?

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June 13 2013, 5:05 PM 

with regards to silk road and the original post - it should go without saying but people still do it so.....

obviously its highly advisable to buy only from sellers in the UK (assuming you too are in the UK) - posting drugs via royal mail is one thing (it's extremely low risk) - conspiring with someone to import drugs into the UK is another - its far more serious, you're far more likely to get caught, and you're far more likely to go to prison if you do get caught

stay safe

 
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Anonymous
(Login _pissed_mist_)
TopBoy

Re: silk road?

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June 13 2013, 5:21 PM 

Go to prison for buying a quarter of hash from someone in Holland? I doubt it.

 
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Anonymous
(Login phoenixlazarus)
TopBoy

Re: silk road?

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June 13 2013, 5:40 PM 

well obviously not, you argumentative prick - i was referring more to the peruvian he mentioned in his earlier post

 
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Anonymous
(Login _pissed_mist_)
TopBoy

Re: silk road?

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June 13 2013, 6:23 PM 

You need to learn to relax.

 
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Anonymous
(Login hemmojock)
Wykesette

Re: silk road?

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June 13 2013, 11:26 PM 

cheesequiche where do you live?

Lovely

 
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Anonymous
(Login cheesequiche)
TopBoy

Re: silk road?

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June 14 2013, 3:21 AM 

I live in manchester hemmo

Phoenix - when i asked if anybody uses silk road i meant anybody in here, a glance at the silkroad forums shows it's very well used. And i doubt i'd buy overseas while im still so new to it. Like you said, goes without saying.

If further down the line i decided to buy from outside the UK, it'd probably be the delivery time that would put me off rather than the risk factor!
I'm a she by the way happy.gif

 
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