What is with the bitcoin obsession?

Someone posted this in the bitcoin forum:
The Silk Road is down for back-end accounting maintenance. They will be back up in a few days. Don't worry, they haven't been seized and are simply being proactive by working to eliminate unscheduled downtime in the future.
Click to expand...

Btw check this out; Some guy managed to flush 365btc (~$5500USD worth) down the toilet by toying with two wallets and testing stuff: http://forum.bitcoin.org/index.php?topic=18371

Who needs viruses when you have human stupidity :)

EDIT: Btw anyone wanna call a bottom to this sale we're just witnessing? I want to know when to buy back at the cheapest :D
 
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I have 131484 blocks and not a single bitcoin, ie my balance is 0.00

I'm going to have to go with Bitcoins are bullshit.

Time to uninstall the software.
 
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hazek said:
EDIT: Btw anyone wanna call a bottom to this sale we're just witnessing? I want to know when to buy back at the cheapest :D
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Well, from the stuff I've been reading, it looks like we may be heading under $10 again. I'm guessing we'll bottom at 9, but who the heck knows!

This guy at the Bitcoin Daily Investor blog says that 13 is a good buy and the bottom. I agree - good time to buy, but I think I'd wait until it drops under 10. And I think I agree that the recent news is scaring people into selling. This market has been crazy!
 
JP2010 said:
I have 131484 blocks and not a single bitcoin, ie my balance is 0.00

I'm going to have to go with Bitcoins are bullshit.

Time to uninstall the software.
Click to expand...


That brings up a good point - something I think I read on the bitcoin forum ... is it even worth mining anymore?
 
JP2010 said:
I have 131484 blocks and not a single bitcoin, ie my balance is 0.00

I'm going to have to go with Bitcoins are bullshit.

Time to uninstall the software.
Click to expand...

You're doing it wrong. You need a miner to mine bitcoins, it isn't done automatically
 
no representation said:
That brings up a good point - something I think I read on the bitcoin forum ... is it even worth mining anymore?
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From what I've read - no. It's cheaper to buy them with USD than mine them. Of course this will change as either technology increases, electricity costs decrease, or the value of B increases.
 
JP2010 said:
I have 131484 blocks and not a single bitcoin, ie my balance is 0.00

I'm going to have to go with Bitcoins are bullshit.

Time to uninstall the software.
Click to expand...

Do you realize you are just downloading the blocks and not mining? Its impossible for you to get bitcoins this way.

And as no representation said, mining is becoming something more and more specialized and also non-profitable so its not for everybody. You should just use bitcoins as currency.
 
One Last Battle! said:
You're doing it wrong. You need a miner to mine bitcoins, it isn't done automatically
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I downloaded the software, got the stupid 'blocks' and clicked generate coins.

No coins.

Been doing it for 3 weeks on work computer to try things out. Now I know it's not worth trying.

EDIT: Now uninstalled. Complete waste of time.
 
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JP2010 said:
I downloaded the software, got the stupid 'blocks' and clicked generate coins.

No coins.

Been doing it for 3 weeks on work computer to try things out. Now I know it's not worth trying.
Click to expand...

Mining with the cpu (as you are doing) is not worth it anymore. Nobody does it, and the option to mine has been removed from the client in the new versions.

If you want to have some results you should mine with the GPU (ATI/AMD are way better for mining than Nvidia) and join a pool. Mining with the CPU solo like you were doing can take years to get any bitcoins.
 
hugolp said:
Think about it. What company are they going to close to go after Bitcoin?

They can even try to close any node in the Bitcoin network and the network would keep working. Its completely decentralized.
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The government will find a way, if they want to. Keep in mind that they can shut down subversive activity if they want to. Remember how they managed to shut down Iran's nuclear program, which was on a closed network?
 
13$... good buy. Im lookin to see 10$ be the bottom, tho not today it looks like. I wanna see it bounce between 13(10)$ and 19(25)$ for a couple months :D
 
I switched to tradehill because I wanted to lead by example in hopefully getting people to diversify between all the exchanges but now I'm seriously kicking myself for not staying there and profiting on all of these swings. Tradehill namely doesn't have enough liquidity for such high volatility. When I buy back I'll probably switch back :(
 
muahahaha glad i didnt follow you. Tho the price on other exchanges varies so much it may not be a bad idea to buy on one and sell on another :p
 
With this kind of volatility even I am starting to thinking to go into trading. I dont understand how people fall for this big swings.
 
JP2010 said:
I downloaded the software, got the stupid 'blocks' and clicked generate coins.

No coins.

Been doing it for 3 weeks on work computer to try things out. Now I know it's not worth trying.

EDIT: Now uninstalled. Complete waste of time.
Click to expand...

Except (A) you won't generate anything if you are using a CPU, (B) you won't generate very much if you are using an NVIDIA GPU, and (C) You won't notice the generation of anything if you aren't in a pool
 
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