Bitcoin Heist - Topic

ImVeryFood

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#11

Jun 16 2011 08:22am

bitcoin didn't make sense in the beginning. Bitcoin farming? lol. Dollar farming?

136100

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#12

Jun 16 2011 08:24am

It makes sense only as long as there is a company paying for computations to be done. Once that company no longer needs it, the entire economy shuts down.

Canadian_Man

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#13

Jun 16 2011 10:50am

Quote (136100 @ Jun 16 2011 07:24am)

It makes sense only as long as there is a company paying for computations to be done. Once that company no longer needs it, the entire economy shuts down.

That's the thing though.

If the company were truly paying for the computations to be done, you'd be farming real dollars; or at least the currency would be much more easy to translate into real dollars. That "it gets rid of the middle-man" bullshit is just a ruse to trick people into thinking the currency has to be one way or another.

The company is obviously paying pennies per bitcoin. Otherwise they'd be better off economically setting up their own supercomputer / server computers to do the work for themselves.

rockonkenshin

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#14

Jun 16 2011 10:56am

Quote (Canadian_Man @ Jun 16 2011 12:50pm)

This. It all boils down to bitcoin not being a currency but a very elaborate pyramid scheme.

Grief_exe

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#15

Jun 16 2011 10:59am

I think everyone just gets all excited because they can earn money with their computer, and then they just flat out ignore the negatives and just the general shadyness of the whole operation.

136100

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#16

Jun 16 2011 11:05am

Quote (zeecorner @ Jun 16 2011 12:59pm)

I think everyone just gets all excited because they can earn money with their computer, and then they just flat out ignore the negatives and just the general shadyness of the whole operation.

Yeah. Power : performance ratio is not there. The real issue for server farming is that the computations are being done on gpus which are hard to set up for a farm. Cpus, sure. You can set up a quad xeon processor and run shit all day. But that doesn't get floating point operations done faster or more efficiently. It is cheaper to outsource it.

My guess is that the companies must buy bitcoins, then set up a trade for project time, but there's only one person who understands the entire picture, that's mr madoff.

Canadian_Man

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#17

Jun 16 2011 11:05am

I love how Anthrax fell for it lol.

"I don't pay for electricity [my parents do]" <--

my parents pay for the electricity too... I still care about their expenses. I'm part of the family.

This post was edited by Canadian_Man on Jun 16 2011 11:06am

136100

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#18

Jun 16 2011 11:06am

I love how he recommends stuff, then says he has it, but never has pictures of a single thing.

AbDuCt

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#19

Jun 16 2011 11:07am

old :/

Code

[17:05] <@*******> http://www.reddit.com/r/netsec/comments/i03ar/lulzsec_receives_500000_bitcoins_was_bitcoin/
[17:07] <@******> holy shit
[17:07] <@******> that's 5 million bucks
[17:08] <@*******> HOOK A NIGGA UP
[17:08] <@******> SAME
[17:08] <@******> Shit
[17:08] <@******> I'll take like
[17:08] <@******> 1k bitcoins n that's it
[17:08] <@******> llol
[17:09] <@*******> i better get a nice wedding gift
[17:09] <@*******> trololol
[19:40] <@****> ill throw bitcoins your way gents
[19:44] <@*******> ****: gg
[19:44] <@*******> congrats
[19:44] <@*******> how are you going to quietly cash all that shit out
[19:45] <@*******> ****: wedding within a month or two
[19:45] <@*******> you in
[19:45] <@*******> er wut
[19:45] <@*******> :>
[19:54] <@******> wow rly ****
[19:54] <@******>

you the man
[19:54] <@******> lol
[20:01] <@******> ****: Don't send it to that bitcoin in the topic
[20:01] <@******> I'll send you another wallet ID
[23:08] <@**********> is lulzco down, ****** ?
[23:08] <@**********> jesus christ
[23:09] <@**********> yeah ******* bitcoins are like
[23:09] <@**********> $20 each
[23:09] <@**********> lol
[23:12] <@**********> ****: pmd
[23:12] <@**********> cashing out that many btc is guna be no small task, theres not much infrastructure for
[23:25] <@******> I know how to cash them out
[23:25] <@******> I can cashout a lot of them
[23:25] <@******> ****: send ********** whatever you'd be sending my way
[23:25] <@******> I'll walk ********** through cashout process
[23:27] <@**********> i pmd him a btc address
[23:27] <@**********> well i know how to cash em out
[23:27] <@**********> i jus cashout to LR
[23:27] <@**********> then to WU
[23:27] <@******> woah dude
[23:27] <@******> you'll lose a lot of cash that way
[23:28] <@**********> tru
[23:28] <@******> I know how to get like
[23:28] <@******> bang 4 buck
[23:28] <@******> lol
[23:28] <@******> you lose like 0.3% using my method
[23:29] <@**********> ooo
[23:29] <@**********> plz tell
[23:29] <@******> Yeah I'l walk u thru it
[23:29] <@******> lol
[23:31] <@**********> cool
[23:31] <@**********> i cahs out btc fairly reg
[23:31] <@**********> so itll be good to know
[23:31] <@**********> cash*
[23:34] <@******> o i c
[00:12] <@****> sups

last night about 9pm :/

Grief_exe

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#20

Jun 16 2011 11:07am

Quote (Canadian_Man @ Jun 16 2011 11:05am)

I love how Anthrax fell for it lol.

"I don't pay for electricity [my parents do]" <--

my parents pay for the electricity too... I still care about their expenses. I'm part of the family.

The government does bc he lives on an army base

I'm sensing a derailment

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