[Lab] Thoughts on Bitcoins, and the like?

[Richard Sloan]

Ok what am I not getting here.... I see online you can pay approx $10/GH
for someone to mine coins for you per month, I use online calculator that
says 1 GH will return $20 in bitcoin per month... so why do these server
farms not use all their power for themselves and make 2X the profit....


On Thu, Nov 28, 2013 at 12:56 PM, Paul & Andrea Mumby
<themumbys at gmail.com>wrote:

> Oh and by the way, an interesting one to many people on this mailing
> list...
>
> Adafruit accepts bitcoin. So you can buy components, kits, and other
> gadgets from adafruit via bitcoin directly.
>
> - Paul
>
>
> On Wed, Nov 27, 2013 at 4:38 PM, Paul & Andrea Mumby <themumbys at gmail.com>wrote:
>
>> Re-copying lab list into this one, as my previous email about places that
>> accept bitcoin is probably useful to everyone.
>>
>> Also I was looking for this one but couldn't remember the URL this is a
>> cool one with a listing of businesses (mostly physical locations) that
>> accept bitcoin. With a nice interface on a map to find them:
>>
>> http://usebitcoins.info
>>
>> - Paul
>>
>>
>> On Wed, Nov 27, 2013 at 4:01 PM, Paul & Andrea Mumby <themumbys at gmail.com
>> > wrote:
>>
>>> There are quite a few places that accept them.
>>>
>>> Some highlevel summaries:
>>> - Many bitcoin specific businesses of course
>>> - Many hosting businesses
>>> - Many digital service businesses, and freelancers
>>> - Several online electronics and computer equipment shops
>>> - Several places allow you to buy gift cards with bitcoin for popular
>>> retailers
>>> - A handful of resteraunts, cafes, and bars.
>>> - Adult industry is adopting it heavily
>>> - Now it's announced that Shopify will allow merchants to accept bitcoin
>>> - BitPay is a payment processor allowing vendors to easily accept
>>> bitcoin (which has over 12,000 vendors listed as accepting bitcoin)
>>> - Virgin Galactic accepts bitcoin for private space flight
>>> - Humble Bundle and Humble Store accept bitcoin for purchasing Indie
>>> Games
>>> - spendbitcoin is a listing of vendors (not a very good site though)
>>> that accept bitcoin
>>> - Dominos Pizza in the USA accepts bitcoin
>>> - There is a large university in Cyprus that accepts tuition in bitcoin
>>> - Chicago Online Property Management firm Rentulations now allows all
>>> their tenants to pay their actual rent in bitcoins
>>> - Several charities are accepting bitcoin donations
>>> - There is a fairly strong bitcoin Gambling industry. Including a
>>> massive one satoshidice, and several poker sites, and other online gambling
>>> options.
>>> - In the USA several politicians are accepting bitcoin now for campaign
>>> contributions.
>>>
>>> A couple links:
>>>
>>> http://www.coindesk.com/rentalutions-enables-us-residents-to-pay-rent-in-bitcoins/
>>> https://bitpay.com/directory#/
>>> https://www.spendbitcoins.com/places/
>>>
>>> So it's far from "general acceptance" but it is certainly accepted in
>>> quite a few spots.
>>>
>>> Also it's quite easy to accept bitcoin payments for anyone, either
>>> directly, or using a service like BitPay. For example BitPay makes the
>>> process transparent to vendors... You set pricing in USD, they allow
>>> bitcoin payments at market rate exchanges (auto-calculated pricing). And
>>> deposit the USD directly in your account, so you never have to touch
>>> bitcoin as a vendor, yet you can accept it.
>>>
>>> As for how common it is. An interesting point. One neat thing about
>>> bitcoin is that all transactions are public record...
>>> So, as of today's stats, the bitcoin market cap is at about $12 Billion
>>> USD (at current USD/BTC exchange rates).
>>> The daily transaction volume is over $300 Million USD (at current
>>> USD/BTC exchange rates)
>>> Does that help answer your questions? :)
>>>
>>> - Paul
>>>
>>>
>>>
>>> On Wed, Nov 27, 2013 at 3:39 PM, Aurelius R <maxrowsell at gmail.com>wrote:
>>>
>>>> The only part you missed was -- where can I spend them? Sounds like a
>>>> really cool idea, however, this is only the second or third time I've ever
>>>> heard of them, and I can only think of one website that accepts them (the
>>>> site I buy my web hosting and DNS from)...
>>>>
>>>> Is it more common than I think?
>>>>
>>>> ____________________
>>>> Peace, Love, Empathy
>>>>
>>>> Alexander Max Rowsell
>>>>
>>>>
>>>> On 27 November 2013 13:04, Paul & Andrea Mumby <themumbys at gmail.com>wrote:
>>>>
>>>>> That can be a very loaded question(s) (answers to those questions
>>>>> could result in a several hour long discussion, not to mention some heated
>>>>> debate lol)...
>>>>>
>>>>> But... The highlevel... What is bitcoin:
>>>>> - Bitcoin is a digital currency. Could be equated to digital "cash".
>>>>> (It's commonly called a CryptoCurrency because it heavily relies on
>>>>> Cryptography at it's core)
>>>>> - It is not a virtual construct of some company or organization (like
>>>>> canadian tire dollars). It is a purely digital asset, which is not under
>>>>> the control of any central authority.
>>>>> - It is fully decentralized. No one body has control, no one body runs
>>>>> the network.
>>>>> - As a result it is immune to manipulation by governments/banks (for
>>>>> example, it is designed to be stable, in reality it's actually a bit
>>>>> deflationary, and is not subject to inflation like dollars)
>>>>> - Transacting bitcoin (especially across international lines) is FAR
>>>>> easier than any other method, and FAR more affordable. (also practically
>>>>> instant, with a few caveats)
>>>>> - Bitcoin is highly secure (again with a few caveats, the big one
>>>>> being, bitcoin itself is secure, but the services surrounding it are up to
>>>>> individuals to make secure).
>>>>> If you want me to get into a more technical discussion of "How" it
>>>>> works, I can do that, but it can get pretty deep.
>>>>>
>>>>> How can you get some?
>>>>> - You can buy some on an exchange such as cavirtex.com which operates
>>>>> like a standard forex exchange. It's an open market, and people buy/sell
>>>>> bitcoin for $CAD.
>>>>> - You can transact direct from person to person with no third party
>>>>> involved. The same as cash. So I could meet you at a coffee shop, give you
>>>>> bitcoin in exchange for dollars.
>>>>> - You can use an ATM (coming soon!) lol... The first bitcoin ATMs are
>>>>> being rolled out in BC. And I'm hoping to assist in a rollout in Ottawa
>>>>> area in the near future.
>>>>> - You can "Mine" bitcoin. This is a very complex topic to explain in
>>>>> full detail. But lets just equate it to gold mining. Gold exists in the
>>>>> earth in a fixed quantity. And Miners work to uncover that gold and make it
>>>>> usable and transactable. The same works with bitcoin. There are a fixed
>>>>> number of them that will ever exist. That can't be changed. Miners work to
>>>>> "find" those bitcoin over time using advanced computing equipment. (which I
>>>>> happen to manufacture). Originally you could mine using simply a low power
>>>>> PC. Then you used advanced GPU cards (Graphics processors) to do number
>>>>> crunching much faster and more efficiently. The ecosystem has evolved now
>>>>> to a point where advanced special purpose hardware is used with 100% custom
>>>>> processors made purely for mining bitcoins are used.
>>>>>
>>>>> What's the point?
>>>>> - Well as mentioned above, bitcoin is seen by some as a savings
>>>>> vehicle. Since it's been demonstrating deflationary attributes. An
>>>>> investment in bitcoin has had VERY high returns for those holding onto them
>>>>> long term... But it's also been fairly volatile, and as a result you have
>>>>> to have a strong stomach to play that game in a serious way lol.
>>>>> - It's useful for transacting money internationally quick, easily, and
>>>>> cheaply.
>>>>> - Several businesses accept bitcoin now as a means of payment. So you
>>>>> can use it to pay for goods and services.
>>>>> - It's cool and new-age. And it's neat to be part of something
>>>>> interesting
>>>>> - To expand on the previous point. It's a disruptive technology. And
>>>>> has the potential to impact the world in a big way. Again, cool to be part
>>>>> of that (if it is successul)
>>>>> - Allows you to take back some degree of control of your finances. You
>>>>> can have a say in how bitcoin works. and no single entity is in control,
>>>>> it's a true democracy (again with caveats)
>>>>>
>>>>> At this point in the game bitcoin is still young. It's come lightyears
>>>>> from it's beginnings, and has some major traction globally. But it's still
>>>>> nowhere near fully "mainstream" yet. It's still a niche. But it's growing
>>>>> rapidly every day.
>>>>>
>>>>> Let me know if you have any other questions. I also suggest checking
>>>>> out the Bitcoin Foundation, and the Wikipedia article on bitcoin. both are
>>>>> decent starting points.
>>>>>
>>>>> Also: http://www.youtube.com/watch?v=Um63OQz3bjo
>>>>> Is a decent video primer.
>>>>>
>>>>> Bitcoin Foundation: https://bitcoinfoundation.org/
>>>>>
>>>>> - Paul
>>>>>
>>>>>
>>>>> On Wed, Nov 27, 2013 at 12:44 PM, Aurelius R <maxrowsell at gmail.com>wrote:
>>>>>
>>>>>> What are bitcoins and how can i get/use them? Is there a point?
>>>>>> Dollars have always worked well for me thus far
>>>>>> On 2013-11-27 11:59 AM, "Tom Burns" <tom.i.burns at gmail.com> wrote:
>>>>>>
>>>>>>>
>>>>>>> http://www.shopify.com/blog/10446157-shopify-merchants-can-now-accept-bitcoin
>>>>>>>
>>>>>>> :)
>>>>>>>
>>>>>>> Walking through the halls today all you hear are people talking
>>>>>>> about bitcoin.
>>>>>>>
>>>>>>>
>>>>>>> On Wed, Nov 27, 2013 at 10:15 AM, Paul & Andrea Mumby <
>>>>>>> themumbys at gmail.com> wrote:
>>>>>>>
>>>>>>>> Sorry guys, we're well past the beta testing phase :)
>>>>>>>>
>>>>>>>> (Not to mention that's an expensive beta test. Our prototypes are
>>>>>>>> generating half a bitcoin per day, with several limitations on them. The
>>>>>>>> final mass production units we expect to generate nearly 1BTC per day at
>>>>>>>> current difficulties. And at a value of $900/BTC or more, even a 1 week
>>>>>>>> beta test is equal to nearly $7000 in revenue ;)
>>>>>>>>
>>>>>>>> We're just finalizing one or two minor bugs in the design, and
>>>>>>>> expect to be in mass production any day now for our first production batch.
>>>>>>>>
>>>>>>>> - Paul
>>>>>>>>
>>>>>>>>
>>>>>>>> On Tue, Nov 26, 2013 at 9:58 PM, <bentfork at gmail.com> wrote:
>>>>>>>>
>>>>>>>>>
>>>>>>>>> Paul do let us know if you need some beta testers...  Any excuse
>>>>>>>>> to get a better internet connection at modlab.
>>>>>>>>>
>>>>>>>>> Are you on CaVertex?
>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>> On 26 November 2013 18:37, Paul & Andrea Mumby <
>>>>>>>>> themumbys at gmail.com> wrote:
>>>>>>>>>
>>>>>>>>>> If anyone wants to do a bitcoin transaction, I can certainly
>>>>>>>>>> facilitate. I've got a fully trusted business account on the Canadian
>>>>>>>>>> exchange. So I can easily move funds into and out of BTC/CAD
>>>>>>>>>>
>>>>>>>>>> Also I currently own a business manufacturing custom ASIC based
>>>>>>>>>> mining equipment (or rather we're close to launching our first product).
>>>>>>>>>> But you're right. The "individual hobby miner" is becoming a thing of the
>>>>>>>>>> past. Most of our equipment is targeted to large scale enterprise miners,
>>>>>>>>>> targeting datacenter deployments.
>>>>>>>>>>
>>>>>>>>>> - Paul
>>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>> On Tue, Nov 26, 2013 at 4:57 PM, Jamie <
>>>>>>>>>> jamie at steppinofftheedge.com> wrote:
>>>>>>>>>>
>>>>>>>>>>> It's been a great practical point of discussion with my family
>>>>>>>>>>> about subjective value, currencies, technology, etc. Got my son all the
>>>>>>>>>>> pieces to GPU mine as a Grade 8 graduation present. He made 20 coins with
>>>>>>>>>>> it that he spent for a Jalepeno miner that has since made him 6 or 7 coins.
>>>>>>>>>>> He's ok with that, I kind of wish I'd just bought him the PC's worth of BTC
>>>>>>>>>>> as the present which would be worth MUCH more now ;)
>>>>>>>>>>>
>>>>>>>>>>> I'm also done recording an interview and other media that should
>>>>>>>>>>> have a Bitcoin themed podcast out by the end of the weekend (I hope). Check
>>>>>>>>>>> steppinofftheedge.com for it soon.
>>>>>>>>>>>
>>>>>>>>>>> Jamie
>>>>>>>>>>>
>>>>>>>>>>>
>>>>>>>>>>> On Tue, Nov 26, 2013 at 3:33 PM, Henri Kuschkowitz <
>>>>>>>>>>> henri.kuschkowitz at gmail.com> wrote:
>>>>>>>>>>>
>>>>>>>>>>>> Ha,
>>>>>>>>>>>>
>>>>>>>>>>>> I second that Dave. It would definitely an interesting
>>>>>>>>>>>> discussion if everyone could make it out. We did touch on that subject 3
>>>>>>>>>>>> weeks ago (?) but only on setting up mining rigs and whether or not it’s
>>>>>>>>>>>> still valuable at a smaller scale.
>>>>>>>>>>>>
>>>>>>>>>>>>
>>>>>>>>>>>> HK
>>>>>>>>>>>>
>>>>>>>>>>>> On Nov 26, 2013, at 3:14 PM, dave at huntgang.com wrote:
>>>>>>>>>>>>
>>>>>>>>>>>> I have been following the bit coin news! In fact, I gave a big
>>>>>>>>>>>> lecture to a bunch of guys at work after the fall of SilkRoad how the US
>>>>>>>>>>>> Government would be forced to accept BitCoin as a form of value and it's
>>>>>>>>>>>> inevitable increase in value... Of course, I never did buy any and am
>>>>>>>>>>>> kicking myself now!
>>>>>>>>>>>>
>>>>>>>>>>>> On 2013-11-26 3:05 pm, bentfork at gmail.com wrote:
>>>>>>>>>>>>
>>>>>>>>>>>> I thought there would be some here that knew what I was talking
>>>>>>>>>>>> about.  Does anyone have experience with local bitcoin?  I'd rather trade
>>>>>>>>>>>> with people I kind of know, rather than strangers.  I'd like to try cashing
>>>>>>>>>>>> out ~ 2 btc, or equivalent litecoin.
>>>>>>>>>>>>
>>>>>>>>>>>>
>>>>>>>>>>>> On 26 November 2013 14:56, Paul & Andrea Mumby <
>>>>>>>>>>>> themumbys at gmail.com> wrote:
>>>>>>>>>>>>
>>>>>>>>>>>>> Ooh, neat, I'm interested to see what that announcement is :)
>>>>>>>>>>>>>
>>>>>>>>>>>>>
>>>>>>>>>>>>> On Tue, Nov 26, 2013 at 2:52 PM, Tom Burns <
>>>>>>>>>>>>> tom.i.burns at gmail.com> wrote:
>>>>>>>>>>>>>
>>>>>>>>>>>>>> I work for Shopify.  We are about to announce something :)
>>>>>>>>>>>>>>
>>>>>>>>>>>>>>
>>>>>>>>>>>>>>
>>>>>>>>>>>>>> On Tue, Nov 26, 2013 at 2:38 PM, Paul & Andrea Mumby <
>>>>>>>>>>>>>> themumbys at gmail.com> wrote:
>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Just FYI I'm fairly heavily involved/invested in Bitcoin. I
>>>>>>>>>>>>>>> own a fairly large business focusing around them, And I'm a fairly fervent
>>>>>>>>>>>>>>> supporter.
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> We're working from several angles right now on trying to
>>>>>>>>>>>>>>> build up adoption in the area.
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> If I weren't so damned busy lately trying to hold up a day
>>>>>>>>>>>>>>> job, run a business, and juggle half a dozen projects at once, I'd drag
>>>>>>>>>>>>>>> myself down to Modlab to catch up :) (in which case I'd be happy to get
>>>>>>>>>>>>>>> into a discussion with anyone who's interested)
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> - Paul
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>  On Tue, Nov 26, 2013 at 2:35 PM, <bentfork at gmail.com>wrote:
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>   I'm curious if any other list members have been
>>>>>>>>>>>>>>>> following the crypto currency news recently.  I've been watching the space
>>>>>>>>>>>>>>>> of the last year or two on and off.
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>> I'm not sure if there are any local vendors that accept
>>>>>>>>>>>>>>>> bitcoin yet but it is a interesting movement.  It is always interesting to
>>>>>>>>>>>>>>>> hear of restaurants, bars and online stores that are taking it.
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>> Are there any Bitcoin, Lightcoin, etc enthusiasts on the
>>>>>>>>>>>>>>>> list?  Anyone interested in a informal discussion on them some Wednesday
>>>>>>>>>>>>>>>> during a mod lab?
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>> Cheers
>>>>>>>>>>>>>>>>   _______________________________________________
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>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> _______________________________________________
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>>>>>>>>>>>>>>
>>>>>>>>>>>>>>
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>>>>>>>>>>>>
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>>>>>>>>>>>
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>>>>>>>>>>
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>>>>>>>>>
>>>>>>>>>
>>>>>>>>
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>>>>>>>
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>>>>>>
>>>>>
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>>
>
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