Bitcoins

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Razear
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What are your thoughts on Bitcoin and how they are changing e-commerce?

chilliedog2918
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I think that is a joke ..a lot of people is loosing out on money ..the stock market seen their true colors

eire1274
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Bitcoin and other non-national internet currencies simply don't have the ground to stand on their own. Bitcoin really showed the weakness in the system with the Silk Road market, which was one of the primary markets that Bitcoin excelled at... where you could buy all sorts of illegal things.

In and of itself, it is a good idea, but the lack of a real-world cash usage makes it a currency that is only usable in a very limited fashion. When Bitcoin (or any of the other virtual currencies) allows real-world purchases via a system like, for instance, Google Wallet, they may find themselves a new hold on the world.

Nick McDermott

Razear
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There are actually a few retailers now such as Tiger Direct that are accepting Bitcoin payments for their transactions. The only real concern I can see with Bitcoin or other cryptocurrencies is with the high volatility of Bitcoin prices. Security with the currency seems pretty well maintained, at least for now.

eire1274
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But one on-line retailer still isn't enough. It can't be considered a true currency when it isn't usable in transactions everywhere.

Nick McDermott

eire1274
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Interesting, as it now seems that Google is looking at adopting Bitcoin into their financial systems. This may be what is needed to really turn this into a real useful currency!

http://www.forbes.com/sites/andygreenberg/2014/01/22/google-lets-slip-that-its-exploring-possible-bitcoin-integration-plans/

Nick McDermott

chilliedog2918
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I don't think bitcoin is worth much now since "hackers" broke into the bitcoin bank an stolen a lot of them

eire1274
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It was only one Bitcoin exchange. Did you not hear that Anonymous broke into the exchange's president's accounts and found that he has a huge number of the "stolen" Bitcoins in his own name?

Nick McDermott

Razear
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Well, there's that problem. Without a governing body, cryptocurrencies are subject to massive fluctuation. Valuable today and worthless tomorrow.

eire1274
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Going through things that this thread got going in my head, I tried Litecoin, but as with most Bitcoin derivatives it cost more in power than what I could make my machine earn. CPU processing was absolutely worthless, and GPU isn't competitive unless you are packing a couple R9 295X cards. Yeah, I made a little, but not enough to really get me going.

However, had a friend point me to MemoryCoin (or MMC), which is using a new process that does do good work on both CPUs and single-GPU systems. The tools are a lot less well developed, but my FX-9590 (running only 6 threads ATM so I can still use the PC) and R9 280X (at 1070Mhz) have made in half an hour what three 12-hour sessions made in Litecoin using GPUMiner.

Trading still seems to match Bitcoin on the market, but it is looking like MMC is better monitored with an internal "governing body". I'll get back to you with more.

Oh, links: http://mmcpool.com and http://memorycoin.org

Nick McDermott

Razear
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Isn't there a liquidity problem with non-Bitcoin cryptocurrencies because of how less commonly accepted they are by merchants?

eire1274
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There is a liquidity issue, if you ignore the exchanges where Bit and Alt (alternate) Coins, essentially all cryptocurrency, can be sold or traded. If I can sit here at home and make 25-30 MMC 2.0 over the course of a day (more if I actually used the system fully), in truth I'm making very little, thanks to the low mining rate due to their deflated value (1.8¢ US$). But flashes in value have been happening far more often in Altcoins than in Bitcoin, that is still stuck at around $450 US$. The hope is that a lightly mined coin produces more per miner, and as it inflates it can be traded for fewer of a more valuable but more stable coin.

No get rich quick scheme, but still worth playing with, I think.

Nick McDermott