View Full Version : Bitcoin and Gun Purchases
Anyone heard/read/seen this?
http://www.nbcnews.com/tech/innovation/texas-gun-dealers-draw-tech-crowd-bitcoin-n65596
I don't have the balls to play around with bitcoin. Way to volatile for me! GH
My advice, stay far far away from the bitcoin nonsense. Too many unsavory elements in the middle of it making it far too risky.
davidjinks
03-31-14, 08:47
This 100%!
My advice, stay far far away from the bitcoin nonsense. Too many unsavory elements in the middle of it making it far too risky.
Plus unless you have been mining since 2011 it's pointless now.
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Belmont31R
03-31-14, 17:00
Plus unless you have been mining since 2011 it's pointless now.
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That's the real bummer. AMD graphics cards are still hard to get and now have a premium over Nvidia cards of comparable specs. People are still mining but the return isn't near what it once was.
For those of us who are less computer savvy, could someone explain how bitcoins are "mined" and what in the world a graphic card may have to do with bitcoins?
Part of the Bitcoin algorithm is based on a crypto hash function that AMD is able to process much faster than NVIDIA. It's all based on how the cards are constructed and how many shaders are available.
They are mined by running a program- once you discover a block...your awarded a Bitcoin. The difficulty increases the more time goes on. At this point if your not in a pool or have a shop with tens of thousands in hardware you won't discover crap. There are other e- currencies to get into if your interested.
That's my 10000 yard view- Belmont may be able to explain better.
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montanadave
03-31-14, 20:23
Part of the Bitcoin algorithm is based on a crypto hash function that AMD is able to process much faster than NVIDIA. It's all based on how the cards are constructed and how many shaders are available.
They are mined by running a program- once you discover a block...your awarded a Bitcoin. The difficulty increases the more time goes on. At this point if your not in a pool or have a shop with tens of thousands in hardware you won't discover crap. There are other e- currencies to get into if your interested.
Well, that's clear as mud. :laugh:
So it's a computer thing, right?
Part of the Bitcoin algorithm is based on a crypto hash function that AMD is able to process much faster than NVIDIA. It's all based on how the cards are constructed and how many shaders are available.
They are mined by running a program- once you discover a block...your awarded a Bitcoin. The difficulty increases the more time goes on. At this point if your not in a pool or have a shop with tens of thousands in hardware you won't discover crap. There are other e- currencies to get into if your interested.
Hmm, so is there a flux capacitor involved in some way?
So it's a computer thing, right?
That's about where I'm at with it...
Does it work something like PayPal only with imaginary money?
montanadave
03-31-14, 21:35
Well, look what I just stumbled across. A little primer on banking, currencies, and bitcoins on the Wired website: http://www.wired.com/2014/03/bitcoin-currency_martin/
Quite informative, actually.
Belmont31R
04-01-14, 08:36
Yeah basically bitcoins are 'unlocked' for use by a computer solving math equations. That's the simple jist of it. As more are unlocked they become harder to mine. Back when they first started being mined you could have a home PC working to unlock coins and they weren't worth much compared to USD. As soon as the price shot up people noticed and started mining them like crazy. This has caused most home miners to not get much of a return these days. You can also join a pool of people and get a share of however much your group unlocks. Now there are basically commercial setups with entire rooms of equipment mining 24/7. Never going to compete with that from home.
The coins are stored in an encrypted file on your computer called a wallet.
The only real problem people have run into is storing their coins on other peoples servers and then those servers getting hacked. Then places like Mt Gox going tits up. It's like your bank getting robbed but no FDIC insurance and the bank doesn't have enough money to cover your deposit. The downside to storing coins in a wallet on your computer is if the HDD goes down you might not be able to recover the wallet. Mt Gox might have had bad intentions but the short of it is people lost a lot of coins because of them.
As far as people doing shady stuff with bitcoins like drug deals people have been doing shady stuff with USD and every other currency since money was invented. Nothing new.
And yes there are other crypto currencies that are earlier on in their 'chain' which means you can mine them from home much easier.
Eurodriver
04-01-14, 09:02
I had a ton of friends that were really disappointed when silk road was shut down. I'm not a druggy, but I did like the idea of it.
As for the OP, I'm not sure why it matters. If a gun store wants to accept bitcoins, televisions, or even grapefruits for guns...who cares?
montanadave
04-01-14, 09:45
I had a ton of friends that were really disappointed when silk road was shut down. I'm not a druggy, but I did like the idea of it.
As for the OP, I'm not sure why it matters. If a gun store wants to accept bitcoins, televisions, or even grapefruits for guns...who cares?
I'm with you, but I can see the potential headaches for a business owner when it comes to keeping books, taxes, etc. I suppose as long as every transaction has a dollar equivalent (which will stand up to scrutiny) attached to it, it would probably fly. But I don't think I'd want my business to be the test case for the IRS and the BATFE.
Belmont31R
04-01-14, 11:10
I'm with you, but I can see the potential headaches for a business owner when it comes to keeping books, taxes, etc. I suppose as long as every transaction has a dollar equivalent (which will stand up to scrutiny) attached to it, it would probably fly. But I don't think I'd want my business to be the test case for the IRS and the BATFE.
IRS recently ruled bitcoins are property so there's some standards already being setup.
Yeah, as property with variable value, just using the median value over the year would be simple enough, and if there are consistent $-BitC exchanges tracking historical data, that becomes really easy.
I'd be all for those transaction, but for the immediate future trading for the firearm itself using this is going to draw needless attention unless it's a FTF sale, in which case why bitCoins?
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