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    Default Bitcoin

    My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

    In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

    Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

    Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.

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    Quote Originally Posted by Dark Soul View Post
    My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

    In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

    Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

    Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
    THAT really sounds like a 'trip to Las Vegas'.

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    Quote Originally Posted by Jack View Post
    THAT really sounds like a 'trip to Las Vegas'.
    $1600 is a pretty short trip.

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    Quote Originally Posted by Dark Soul View Post
    My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

    In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

    Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

    Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
    I considered it until I heard about the electric usage. I have been told by a couple different people they used to do something back in the late 90's/early 2000's with letting ad companies use their computers remotely when they weren't on them basically as mini-servers. It paid enough to cover the cost of their off-campus internet every month but that was about it.

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    Quote Originally Posted by Dark Soul View Post
    $1600 is a pretty short trip.


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    Quote Originally Posted by Dark Soul View Post
    My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

    In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

    Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

    Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
    What makes bitcoin worth anything?
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Truth Detector View Post
    What makes bitcoin worth anything?
    Untraceable. Not controlled by Governments. A digital currency. (Just my opinion)

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    Quote Originally Posted by Jack View Post
    Untraceable. Not controlled by Governments. A digital currency. (Just my opinion)
    I would think that this would make it speculative and not very secure. Why does government currency have value?
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Truth Detector View Post
    I would think that this would make it speculative and not very secure. Why does government currency have value?
    1. Speculative? Yeah, hence my referenced to 'Las Vegas'.
    2. Next time you go to 7/Eleven, try using seashells or beads.

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    Quote Originally Posted by Truth Detector View Post
    What makes bitcoin worth anything?
    Trust that you will be able to trade it for goods, services, or another form of currency. It's no different than the Dollar except it is controlled by a published algorithm.

    I'm no expert, but the way that it has been explained to me is that each transaction has to be approved by 5000 account holders, chosen at random for that transaction.

    I have a sub-account through Coinbase. My son has his own account. An account holder has the algorithm installed and running on his computer.

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    I like playing with crypto as well. I don't invest heavily, but I like to keep enough of the main cryptos to have a little insurance in case they go main stream. I rode BC up and then cashed out when it came down to around 14k. I bought back in at 7k, held it down to below 6k, and now back above 8k. it is tempting to cash out, but I think I'll just hang on and see what happens.

    Coinbase seems to be a popular platform, but Robinhood is a lot cheaper.
    The Truth Does Not Need To Be Supported With Censorship.

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    Quote Originally Posted by Jack View Post
    1. Speculative? Yeah, hence my referenced to 'Las Vegas'.
    2. Next time you go to 7/Eleven, try using seashells or beads.
    You didn't answer my question; why does government currency have value?
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Dark Soul View Post
    Trust that you will be able to trade it for goods, services, or another form of currency. It's no different than the Dollar except it is controlled by a published algorithm.

    I'm no expert, but the way that it has been explained to me is that each transaction has to be approved by 5000 account holders, chosen at random for that transaction.

    I have a sub-account through Coinbase. My son has his own account. An account holder has the algorithm installed and running on his computer.
    It is VERY different; it is not backed by ANYTHING. US currency is backed by economic activity and the trust in the US Government. The value of bitcoin could disappear tomorrow and you would be left with NOTHING. That would not be the same case for US currency.
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Truth Detector View Post
    What makes bitcoin worth anything?
    Well the same as any currency or stock. The peoples confidence in it as a medium of exchange.
    You're Never Alone With A Schizophrenic!

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    Quote Originally Posted by Dark Soul View Post
    My son and his college roommate started mining for Bitcoin 9 years ago. The took an old computer, installed five video cards and used it to run the algorithm. The value of each mined coin was a fraction of a cent, so the electricity to run the old PC cost more that the value produced. But the electric was part of the dorm rent.

    In their sophomore year they moved off campus, so they found a graduate study room to plug in the old PC. There it sat for three more years, chugging away.

    Over the years he has bought and sold Bitcoin, last year using some as a down payment on a three bedroom house, with an in-law suite.

    Three weeks ago I bought in, investing some "play" money to obtain 0.25 Bitcoin. Since then I've made a return of about 25%.
    Is this true?

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