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comment by user-inactivated
user-inactivated  ·  4296 days ago  ·  link  ·    ·  parent  ·  post: What would you do with an infinitely fast computer?

mine bitcoins





gordonz88  ·  4295 days ago  ·  link  ·  

JESUS CHRIST. Goddamn. No. I came here to say the exact same thing with the exact same wording.. except maybe with the first letter capitalized and a period at the end.. Agh.

rozap  ·  4296 days ago  ·  link  ·  

Isn't mining bitcoins sort of a snake oil investment of your time?

user-inactivated  ·  4295 days ago  ·  link  ·  

To mine fast enough to make more than you could get from interest in a savings account you'll be spending more on electricity than you make. That's by design, and it's hardly a secret. If bitcoins grew on trees they wouldn't be worth anything. I'm not sold on bitcoin either, but if crypto-currency is workable at all it can't be possible to easily generate as many as you want.

Given an oracle machine for generating bitcoins, you wouldn't have that problem. You'd get however many of the ~21million maximum bitcoins that hadn't been mined yet, and either be very rich in currency you can't easily spend or kill the bitcoin economy, depending on how much you've caused the exchange rate to fall and how the bitcoin ecosystem reacts to the trickle of new coins stopping.

user-inactivated  ·  4296 days ago  ·  link  ·  

how so? they can be exchanged for other commodities. what else do you value in a currency?

gordonz88  ·  4295 days ago  ·  link  ·  

Not to mention they went from ~.30 USD per bitcoin to 22 USD per bitcoin. I mean, it was 17 dollars last month and now it's 22.

mk  ·  4295 days ago  ·  link  ·  

Now it's about $30USD.

gordonz88  ·  4293 days ago  ·  link  ·  

Jesus. If these are basically the modern day penny stocks, why aren't bitcoins in the news much more..? Like, much much more? That's nearly a 150% increase!

smikims  ·  4296 days ago  ·  link  ·  

Wouldn't that make bitcoin completely worthless overnight?

user-inactivated  ·  4296 days ago  ·  link  ·  

not if i don't cash out all at once.

edit: and even if i did, well, by then i've cashed out, so what do i care...