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Bitcoin 757 Meetup Message Board › 10/24/2013 Meetup #1 Notes

10/24/2013 Meetup #1 Notes

Nicholas K.
Newport News, VA
Post #: 4
For those who missed it:

-Where does Bitcoin's value come from?
-Is mining worth it?

  • Specific equipment we use
  • Mining strategies
  • Getting mining to pay for itself, to fund more mining
  • When to "cash out" your Bitcoins
  • Maximum limitations on today's hardware
  • Limitations on future hardware (ASICS, will quantum computers mine?)
  • When to pull out of mining due to impracticality (individual hobbyists v. pools/clouds v. supercomputers)

-Where does Bitcoin's exchange rate stabilize?

  • Nick's guess: $500. Bitcoin's exchange rate will stabilize when there are sufficient cryptocurrencies to compete with and/or become superior to Bitcoin.
  • Mike's guess: $2,000. More people want Bitcoin because more media attention and this drives up value. The currency has value because people have faith in its value.
  • Tom's guess: $0. Bitcoin's value will go up, over 100% from what it is now, but once the blockchain becomes too much of a problem, Bitcoin will be useless and go down to zero.

-Bitcoin can be part of a diversified portfolio. Predictions:

  • You can profit from knowing when an asset will go down to zero. Acquire Bitcoin today, and cash out when the exchange rate reaches its final maximum.
  • It's game over once Amazon starts using Bitcoin. Value will go up and quickly drop to zero due to size of blockchain.

-What is Litecoin's relevance?
-Bitcoin is disruptive because it reduces Intermediation

  • Internet destroyed old investment companies and travel agencies, similarly, cryptocurrencies will overturn the financial system.

-What is encryption?

  • Can 256-bit encryption be broken?

-Problem: ALL transactions are recorded in the blockchain. At some point the file will be too big for any individual to maintain. Solutions?

  • Distribute the storage of the blockchain on really big supercomputers
  • Invent a new cryptocurrency
  • Hard fork of Bitcoin
    -The Metaphor of the Horse's Backside

-Web design and programming related to Bitcoin commerce
-Tangentially related-to-Bitcoin business plans
-Gambling with Bitcoin

  • Satoshi Nakamoto founded MtGox
  • Satoshi is such a talented person, there are only a very small number of people he could be
  • Bitcoin is just a distributed computing project to figure out as many different SHA-256 outputs as possible
  • Bitcoin was designed to "clog the pipes" on the internet

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