How does the silk road work?

[Stillbuzzin]

Well.. i.did.. lol.. I'm not always the sharpest spoon in the drawer but I'm also not a complete idiot and it took me some help to.figure it out..
It's a program and unless you're pretty computer savvy unlike myself.. it could take someone helping you along the way like i had with it.. if you're good w computers you might have an easier time with it.. it's not very hard tbh once you.get a feel for it imo..

This is the reason I was trying to help Fins. It is hard to figure out how to get into the deep web. The hidden wiki or what ever you want to call it. It is also dangerous. I use TOR . Which bounces your addy (the one they give you) until you are finished.How ever it could be traced some way I guess.One other bit of advice. Unplug your camera. Or cover it with a pc of tape.

 

[Flaming Pie]

wtf is a bit coin?

 

[Stillbuzzin]

wtf is a bit coin?

This is what you use to make purchases with on the Silk Road

 

[Finshaggy]

Well.. i.did.. lol.. I'm not always the sharpest spoon in the drawer but I'm also not a complete idiot and it took me some help to.figure it out..
It's a program and unless you're pretty computer savvy unlike myself.. it could take someone helping you along the way like i had with it.. if you're good w computers you might have an easier time with it.. it's not very hard tbh once you.get a feel for it imo..

I have a tech guy. The one that built my site and stuff. I'll talk to him about getting this done.

 

[Finshaggy]

This is the reason I was trying to help Fins. It is hard to figure out how to get into the deep web. The hidden wiki or what ever you want to call it. It is also dangerous. I use TOR . Which bounces your addy (the one they give you) until you are finished.How ever it could be traced some way I guess.One other bit of advice. Unplug your camera. Or cover it with a pc of tape.

I don't mind anyone spying through my webcam, 1) It sucks, so they would be getting shitty quality stuff (2) I don't do anything weird with my computer...

 

[Finshaggy]

Something I forgot to ask yesterday. How would I take Bitcoins, and turn them into money?

 

[racerboy71]

Something I forgot to ask yesterday. How would I take Bitcoins, and turn them into money?

there are places where you can buy and sell bitcoins fin.. just like buying them, you just would sell them either to a person or there are exchange sites that take care of this for you... i'd imagine that you'd be paying a small fee as well to exchange them, but i'm not positive on that as i've never done it..

 

[racerboy71]

wtf is a bit coin?

it's virtual money.. it started off as some dude who wanted to make his own monetary system not based on banks... he started some big code and set a number limit on how much money could ever be created by his system.. if you crack the codes, he pays you x amount of bc's for your work. they call this mining for some odd reason.. when bc's first came out, you'd get a nice pay out of bc's for your work, but at the time they didn't have much value to them... now they're up to $30 a bc if what da'ath said is true, which i'm not doubting him.. i know only like 3 months ago, they were only $13 per bc, so they have really gone up in the past few months..

once all the bitcoins are mined, there will never be anymore of it created, unlike the $ in which they print more at will, fucking up the economy and the value of it in the process..

bc's are now being accepted at lots of places online instead of real money or even paypal and credit cards, not just the silk road..

check out the story of the dude who created it if you're interested, it's pretty interesting..

 

[racerboy71]

http://en.wikipedia.org/wiki/Bitcoin

 

[HeartlandHank]

they call this mining for some odd reason.

I would guess it is a reference to mining for gold.. Just like gold being slowly released/created over time and eventually drying up the codes to solve also release/create more of the currency over time and eventually dry up.
For some reason the slow release of more currency is important to its longevity. I don't understand why exactly. But the code is difficult enough to solve that in theory the created currency will not be released too quickly and hurt its value... from what I understand.

I had thought that the creator of bitcoin managed to stay anonymous..? I'de be interested in checking out his story.

 

[HeartlandHank]

I saw someone say that in order to really make money at bitcoin mining what you need is CHEAP electricity... the demand on a computer to mine is intense i guess... The bitcoin is fascinating.

 

[racerboy71]

I would guess it is a reference to mining for gold.. Just like gold being slowly released/created over time and eventually drying up the codes to solve also release/create more of the currency over time and eventually dry up.
For some reason the slow release of more currency is important to its longevity. I don't understand why exactly. But the code is difficult enough to solve that in theory the created currency will not be released too quickly and hurt its value... from what I understand.

I had thought that the creator of bitcoin managed to stay anonymous..? I'de be interested in checking out his story.

he's annonymous in that no one really knows the guy in person, but he's been known by like an online name for years, but who that man is irl no one is certain of..

and that makes sense hank.. good explanation.. in that wiki link i put up they have the dudes online name, you can find it there and do more research on him if you like.. i've read a good bit about bc and the man in the past..

 

[racerboy71]

I saw someone say that in order to really make money at bitcoin mining what you need is CHEAP electricity... the demand on a computer to mine is intense i guess... The bitcoin is fascinating.

i never heard about cheap electricity, lol, but i've heard the same, that mining for bc's isn't for the weak at heart and really takes some powerful computers and skill to do so..
i think i know a few people who have mined for them in the past..

 

[HeartlandHank]

i never heard about cheap electricity, lol, but i've heard the same, that mining for bc's isn't for the weak at heart and really takes some powerful computers and skill to do so..
i think i know a few people who have mined for them in the past..

http://bitcoinmagazine.com/the-wasted-electricity-objection-to-bitcoin/

That article talks about it a little. Basically, the "reward" or "payout" for mining decreases over time. The power needed to run the computers is intense. There comes a point when electricity becomes a large over-head.
In the article they talk about serious miners will need to find ways to be more energy efficient to make money. Or, get cheaper electricity and run LARGE mining op's.. haha.

So I guess i meant to say in the future access to cheap energy will be key to bit mining.

 

[racerboy71]

http://bitcoinmagazine.com/the-wasted-electricity-objection-to-bitcoin/

That article talks about it a little. Basically, the "reward" or "payout" for mining decreases over time. The power needed to run the computers is intense. There comes a point when electricity becomes a large over-head.
In the article they talk about serious miners will need to find ways to be more energy efficient to make money.

yeah, i heard that like the first few people who cracked the code got a really nice payout in bc's, but at the time it wasn't really worth all that much.. if they somehow managed to hold onto them though,holy bejesus, they'd be looking at some real bank..

 

[HeartlandHank]

if they somehow managed to hold onto them though,holy bejesus, they'd be looking at some real bank..

I bet they got a bag of blow instead.. haha

 

[Finshaggy]

That's crazy shit. I can't mine, I don't know shit about code. I'm just gonna buy for now and maybe eventually try to sell legal stuff on there. People are crazy with the illegal stuff on there. I went there to look for legal chems, but there are steroids and heroine and every other drug under the sun listed there.

 

[see4]

wait. i wanna get in on this. code mining? racer.. whats this all about? bitcoins?

 

[kinetic]

I always feel dirty reading about deep web and silk road. I've seen things I can't unseen. I don't think I want to add much more to that list by getting involved with it.

 

[Trolling]

Nice job guys, 6 page deep in a Finsnaggy and no real hate or insults, pat yourselves on the backs.