How would this be worked out?
How would this be worked out?
Buying BitCoin online with any payment method other than a bank transfer is almost impossible...there is one site I've found that will take your credit card along with extra documentation including photos that will be carefully vetted.
Next BE CAREFUL. There are no backsies of any kind with BitCoin, including if you miss one key and send it to the wrong address! Also the value of BitCoin changes rapidly, so minimize the time that you're holding it. Think hours at most.
Edit: Just so we're clear, as a person who is very comfortable with computers and cryptography, I still find BitCoin to be berkeleying scary.
Exchange rate at time of purchase?
Google says 1 Bitcoin is $1000.38 right now...
In reply to GameboyRMH:
I wouldn't buy buying any bitcoin, but managed to successfully "mine" some roughly 4 years ago that I had all but forgotten about, until a friend informed me that it's gone up in value over the past 2 weeks.
captdownshift wrote: In reply to GameboyRMH: I wouldn't buy buying any bitcoin, but managed to successfully "mine" some roughly 4 years ago that I had all but forgotten about, until a friend informed me that it's gone up in value over the past 2 weeks.
Dude, you could be rich! Or, well, you could've made a nice stack of cash at least 
In reply to GameboyRMH:
it'll help with some bills that I have, that's for sure.
Ransom wrote: Exchange rate at time of purchase?
That sounds like the most reasonable way to value them to me too.
MadScientistMatt wrote:Ransom wrote: Exchange rate at time of purchase?That sounds like the most reasonable way to value them to me too.
Exchange rate at time of transfer is how the value is decided. You buy $100 worth of bitcoins (technically $100 worth of a fraction of a bitcoin), you get $100 worth of bitcoins at that time. If they're worth $80 tomorrow you can only buy $80 worth of stuff with them.
In reply to GameboyRMH:
I guess I should have said more specifically, at the time of purchase of the car. That's when the bitcoins are (er, or in Challenge terms, the bitcoin is) exchanged for car. Given their value, presumably change will be made in dollars for partial bitcoin values (i.e. a $1500 car is going to either cost one bitcoin and $500ish, or two bitcoins and get $500ish back...)
I guess the wrinkle here, just to make things interesting, is when/how to do conversion. As a counterexample to my own suggestion, I assume someone coming from Canada will document their entire build in Canadian dollars for purchases at home, and will not be expected to keep the exchange rate for the date of each purchase in their documentation, but will instead be able to convert to USD at... The time of the Challenge? Time of last purchase in the documents?
I'm assuming there's been a Canadian team by now, how did they handle a non-USD currency?
The other interesting aspect is that when bitcoin value appears to be on the rise, as it is now, some parties will overvalue them expecting their value to trend upward like a commodity. So though it may be worth $1052, there are people out there willing to pay $1200. This fits nicely with NA prices being down during the winter months...
What the füark is a bitcoin? How the füark does one obtain? Why the füark do we need this instead of dollars?
I'm more intrigued by what kinds of cars people are trying to buy with bitcoins. Something tells me there would be mysterious title issues.
I'm still fuming about a harddrive that crashed and lost my wallet. Like 8 years ago, when they were around $100 per. Was making 2 or 3 whole coins a day playing texas holdem, had 20 or 30 coins in the wallet, with no backup. So much money just gone. 
Trackmouse wrote: What the füark is a bitcoin? How the füark does one obtain? Why the füark do we need this instead of dollars?
Internet cash. Powerful purpose built number crunching computers (it used to be easier), or you can just buy them. Mostly buying illegal drugs on the internet, the darknet to be specific.
BrokenYugo wrote:Trackmouse wrote: What the füark is a bitcoin? How the füark does one obtain? Why the füark do we need this instead of dollars?Internet cash. Powerful purpose built number crunching computers (it used to be easier), or you can just buy them. Mostly buying illegal drugs on the internet, the darknet to be specific.
Also useful for money laundering, cryptocurrency speculation, and sticking it to THE MAN (for those so out-there that they have a problem with using government-controlled currencies).
RevRico wrote: I'm more intrigued by what kinds of cars people are trying to buy with bitcoins. Something tells me there would be mysterious title issues. I'm still fuming about a harddrive that crashed and lost my wallet. Like 8 years ago, when they were around $100 per. Was making 2 or 3 whole coins a day playing texas holdem, had 20 or 30 coins in the wallet, with no backup. So much money just gone.
If you still have that hard drive you should take it to a professional data recovery shop...it's probably recoverable. Or if you can't be bothered, send it to me, I'll pay shipping 
In reply to RevRico:
And that's why they'll never me a mainstream currency source. No way average people are okay with money that disappears if you have a hard drive crash.
In reply to GameboyRMH:
Physical failure on the drives part, the spindle? stopped spinning entirely. Then I made things better by trying to put the platter in another drive, because I'm a genius.
I about died when I saw the peaks of $1500/btc whenever the Snowden revelations came out.
That's still recoverable, even if it would cost a few grand (because you'd need access to a disk component library and a clean room)...still a hefty profit to be had.
GameboyRMH wrote: That's still recoverable, even if it would cost a few grand (because you'd need access to a disk component library and a clean room)...still a hefty profit to be had.
Would make a great build thread
dculberson wrote: In reply to RevRico: And that's why they'll never me a mainstream currency source. No way average people are okay with money that disappears if you have a hard drive crash.
I once watched a $10 bill blow off a table and into a river. I bet that waiter would have wished his tip was on a hard drive!
RevRico said:I'm more intrigued by what kinds of cars people are trying to buy with bitcoins. Something tells me there would be mysterious title issues.
I'm still fuming about a harddrive that crashed and lost my wallet. Like 8 years ago, when they were around $100 per. Was making 2 or 3 whole coins a day playing texas holdem, had 20 or 30 coins in the wallet, with no backup. So much money just gone.
been playing with mining and decided to search the hive... btc is over $8k per these days... so that 20-30 is 160k-240k USD in todays value...
wish I'd know anything about it a few years back... or even a year ago lol.
If you still have what's left of that hard drive, don't waste time in getting it recovered, I'm pretty sure that within a few years governments around the world will make it illegal to exchange cryptocurrencies for fiat money, because cryptocurrencies are so useful for crime finance and not terribly useful for anything else (vs. traditional options), other than turning vast amounts of energy into waste heat.
In reply to GameboyRMH :
I will leave the political aspect for a private conversation, but I will point you at BitCache and MegaNet.
Things are just getting started.
RevRico said:In reply to GameboyRMH :
I will leave the political aspect for a private conversation, but I will point you at BitCache and MegaNet.
Things are just getting started.
Oh blockchain technology will be around forever and is very useful, no doubt about it. Cryptocurrencies are just one application of a blockchain.
RevRico said:I'm more intrigued by what kinds of cars people are trying to buy with bitcoins. Something tells me there would be mysterious title issues.
I'm still fuming about a harddrive that crashed and lost my wallet. Like 8 years ago, when they were around $100 per. Was making 2 or 3 whole coins a day playing texas holdem, had 20 or 30 coins in the wallet, with no backup. So much money just gone.
Put the remnants and story up on eBay and see what happens!
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