At that point, the market cap will be close to 1% of the world economy.
Bitcoin billionaires will then hire lobbyists to get the government to rewrite the laws to favor crypto-currencies.
If only you had managed to mine at least 10 coins back in the day when it was easy, you'd be one of many new millionaires to supplant the old Jewish-bankster class.
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Anonymous2013-03-31 21:09
pump and dump
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Anonymous2013-03-31 21:49
>>2
That's what I thought this recent bubble is... the thing is, lots of people are buying in high, so I doubt it's going to crash below $70 USD on the next major low. It'll continue it's upswing as the EU collapses, and the US economy loses it's first place position to China.
The US government also passed some basic legislation to deal with and tax Bitcoin. That's good and bad. Good because it means the US government isn't going to outlaw it (I guess they could see that they would have no way of policing it unless they shut down the Internet, and even then people would find ways around it). Bad because they're going to tax you on transactions and on profits.
But you can just do your exchanges between BTC and fiat currency in a tax haven, they're playing a losing game.
>>1
My GeForce 9800 wasn't up to the task back in `09. I sat on them shits for a fortnight and I didn't get a single jewgolds, so I just gave up.
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Anonymous2013-03-31 22:23
>>4
nVidia has never been up to the task. AMD has always been the favored brand for coin mining.
An AMD 6850 can hash 10x faster than a GTX 560.
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Anonymous2013-03-31 22:42
Right now, Litecoin (LTC) is the new hotness. It's about to break the $1 per LTC barrier (sometime within the next two weeks is likely.) It has a huge amount of growth ahead of it. You can trade LTC for BTC, USD, EUR, RUS, etc. on a number of exchanges. Market cap is about $13 million.
And you can still mine about 3-5 coins a day on a single HD6000/HD7000 family GPU.
If you missed the BTC gravy train, get in on LTC now.
If only I had bought 2 million back when they were 0.01$ each! I could have almost 200M$ right now!
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Anonymous2013-03-31 22:53
>>6
Also, Mt.Gox is about to start carrying LTC in the coming weeks, they're talking about it, when that happens, it'll see a huge jump.
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Anonymous2013-03-31 23:09
It's gonna crash badly. Lots of investment + no real use == dot com style crash. I hope it does. It will recover so that its value is based on people actually using the currency rather than investors hoping someone will use the currency before they dump it.
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Anonymous2013-03-31 23:16
>>9
Too many people are invested in it. Silkroad and similar sites aren't slowing down, it's only growing. And people are finding new uses for it.
Mega is accepting it for file hosting accounts, and they're going to offer full end-to-end gpg encrypted email, messenging and voice soon backed by BTC, for example.
The US government's taxes on currency conversions from BTC will slow down people from pulling it all out at once--the government's greed is helping prop it up.
Sure, it'll crash from it's current high, but it's not going to crash that hard.
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Anonymous2013-03-31 23:19
>>6
oh thank god it uses a memory-hard algorithm so that the GPU vroom vroom faggots can't get a 100x advantage over my 5 year old laptop.
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Anonymous2013-03-31 23:26
>>11
More modern GPUs are better at random access, so HD6000 and up are still faster than 4-8 core CPUs at it by about 10x.
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Anonymous2013-03-31 23:32
>>12
Aah fuck, couldn't these morons have come up with an algorithm that is equally inefficient on all ``modern platforms''?
Just wondering how it can legitimately be worth this much, when all it is used to sell are alpaca socks, web hosting for tin foilers, and crime. And it's not very good for crime either because it's very easy for governments to track where the money is being moved--strictly small-time transactions then.
>>21
This is the big problem with BTC. Ideally you shouldn't need to exchange currencies: buy what you want in BTC and work for BTC. If you live in a heavily populated area, you will find independent BTC buyers/sellers who accept local currency. The alternative (going through a big exchanger like Mt. Gox) could land you on government watch lists for being an enemy of the State's Official Currency (a terrorist). All it would take is a few ``examples'' to get imprisoned or tortured to make everyone in that country afraid of using it.
>>24
Wait till government bans physical currency and requires all transactions go through strictly monitored electronic channels. Then again, using bitcoins raises suspicion - i.e. why would you prefer bitcoins to state currency?
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Anonymous2013-04-01 13:58
Consider this: A pack of wild Nikitas.
Savage, slavering Nikitas nearing your /prog/ board. Spamming irrelevant links. Calling you a Hymie.
And you can't do shit since they're russians. The Nikita leader grabs your favorite language and fucks it with his with his dirty macros.
The primal Nikitas finally dominate your .emacs. They paste antisemitic propaganda on vk.com and you are forced to be their slave.
Such is the downfall of programmers.
>>6
Please note that LTC has over doubled in value since you made your post. I never realized that /blog/ was such a great place to pump. Nah, just kidding man, I know you wouldn't do anything like that. I'm just shocked at the volatility of it all.