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Showing 18 of 18 results by thesum
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Board Politics & Society
Re: Great metals play: a nickel is now worth over six cents in metal content
by
thesum
on 19/08/2011, 22:25:52 UTC
A nickel is now worth over six cents and will probably soon be made out of zinc.  Right now they're 25% nickel and 75% copper.  Collecting nickels is a great way to save with no financial risk since a nickel will always be worth at least a nickel.  I've started to collect them, getting a few rolls every time I go to the bank.  I figure it's like making a 20% profit on every roll I buy.  The downside is figuring out where to keep them all.


I nickle weighs 5 grams.  So you need to transport and store 5 grams for every penny that you make.  Have you actually done the math on this one?

To make $100, you need to buy and transport a little over 100lbs. of nickles.  That is, of course, assuming you can actually find someone to pay you 6 cents for them.  Let me know when you even get that far.

That's if their value stays the same as now.  If the nickels start getting made out of zinc, then the old nickels could probably be sold for ten cents shortly thereafter.  I do agree with you on the transportation and storage though, that is the downside for sure.
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Board Politics & Society
Topic OP
Great metals play: a nickel is now worth over six cents in metal content
by
thesum
on 19/08/2011, 13:01:44 UTC
A nickel is now worth over six cents and will probably soon be made out of zinc.  Right now they're 25% nickel and 75% copper.  Collecting nickels is a great way to save with no financial risk since a nickel will always be worth at least a nickel.  I've started to collect them, getting a few rolls every time I go to the bank.  I figure it's like making a 20% profit on every roll I buy.  The downside is figuring out where to keep them all.
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Topic
Board Politics & Society
Re: The price of gas is still 20 cents, in 90% silver dimes.
by
thesum
on 19/08/2011, 12:48:45 UTC
I wouldn't trade my silver dollar for five gallons of gas, I'll tell you that.  Also a nickel is now worth six cents and will be soon made of zinc.  Right now they're 25% nickel and 75% copper.  Collecting nickels is a risk free metals play, but where do you put em all?
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Board Politics & Society
Re: Internet billionaire donates $1.25 million to create libertarian islands
by
thesum
on 18/08/2011, 17:07:16 UTC
This idea has been around for a long time.  If it becomes a reality, I might just hop on board so to speak.
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Board Meta
Re: Kanged! The operators of this forum should be more embarrassed than vegetta.
by
thesum
on 28/07/2011, 12:33:34 UTC
From the list of her posts, she hasn't posted anything on the forum for over a month now.  Too bad.  I miss her posts. such an interesting person.  An 'intellectual whore" what a trip.  Has she given up on Bitcoin? or is she just posting somewhere else?
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Board Beginners & Help
Re: How does computer dunce safely store bitcoin?
by
thesum
on 28/06/2011, 17:00:20 UTC
I've looked around on google a little and it seems to be caused from hardware issues. Try unplugging all peripherals like printers and scanners and try it again. 

Ok, thanks. 
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Board Beginners & Help
Re: How does computer dunce safely store bitcoin?
by
thesum
on 28/06/2011, 13:10:23 UTC
Might be a problem with the USB stick. If the USB drops off the the computer loses its OS it would reboot. I would try a new USB stick.

Tried it with 2 different usb sticks different style but same brand.  It did the same thing.
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Board Beginners & Help
Re: How does computer dunce safely store bitcoin?
by
thesum
on 27/06/2011, 19:28:26 UTC
I guess I'll be doing this:

http://startbitcoin.com/how-to-create-a-secure-bitcoin-wallet/

Thanks Oldminer

Awesome! Good to see my little tutorial is getting around.

Having problems. My son helped me install it.  I can get to the Ubuntu operating system on the USB stick, it runs for a few seconds, then the computer restarts and goes back to windows.  Any ideas?

 
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Board Beginners & Help
Re: How does computer dunce safely store bitcoin?
by
thesum
on 26/06/2011, 20:38:21 UTC
I guess I'll be doing this:

http://startbitcoin.com/how-to-create-a-secure-bitcoin-wallet/

Thanks Oldminer
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Board Beginners & Help
Re: How does computer dunce safely store bitcoin?
by
thesum
on 26/06/2011, 20:16:10 UTC
Do I have to do this wallet in a cloud thing?

http://forum.bitcoin.org/index.php?topic=22386.0
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Board Beginners & Help
How does computer dunce safely store bitcoin?
by
thesum
on 26/06/2011, 20:03:34 UTC
Ok, Look I'm a really stupid guy who literally bangs nails for a living and is not a computer geek.  Somehow I am now into bitcoin.  I had this strange idea that I could make a new wallet, just store my bitcoin on a USB stick and wouldn't have to worry about hackers stealing them.  So I went to Staples and bought a $10 stick .  Now I learn that I can't just store them on the stick because the bitcoin wallet will still be on my hard drive somewhere.  So what do I do?  Please don't talk to me about linux or encrypting them on a cloud I have no idea what that stuff is and will have to find someone to do that for me or show me if I must. I guess I could just store them on an old computer and connect it to the internet only when I need coins.  Is that what I have to do?  Can I just put them on a USB stick?
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Board Beginners & Help
Re: SO if people sell off their coins the price will drop and.........
by
thesum
on 25/06/2011, 17:42:56 UTC
What happens if the NSA decides to trash the whole game by ramping up their super computers for a few weeks or months doing solo mining thus increasing the difficulty to impossible levels then dumps their coins on the market as well thus dropping the bottom out of the "value". This is where I see the flaw in the whole Bitcoin thing and that is any one person or Gov't could with enough resources totally trash the Bitcoin economy. Hell Warren Buffet could build a T/h minig operation with what he spends on two suits or dinner.

I think if they did something like that people would notice it first.  They'd see the mining volume move way up and they'd see the wallet accounts the bitcoins were being sold from.  I think if they tried it, many like me would see it as a terrific buying opportunity.  They would be doing all that mining at a terrible loss and selling the bit coins at the same time which would be a great service to bitcoin.  Ultimately the purpose of bitcoin is to produce a viable currency for trading and buying- not mining and speculating.  They would just end up furthering that goal IMO.  Not that it wouldn't make things extremely volatile for a while, but volatility makes for profit opportunities too. At this point everybody expects volatility, if the coins were made legitimately (and they would be legitimate in you scenario) many people would just snatch them up and say YIPPEE!
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Board Beginners & Help
Re: SO if people sell off their coins the price will drop and.........
by
thesum
on 25/06/2011, 13:41:12 UTC
As of now, the profit margin of GPU margin is far too high for people too stop mining. So once you've made the initial investment to set up the rig, it would take a very steep drop in price to make people stop mining. So it does not directly affect the price.

That's a very good point.  If you already have the hardware, the profit calculation is totally different than for someone just starting out.  Another reason there's a big lag between the amount of mining going on vs the price and difficulty.l
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Board Beginners & Help
Re: SO if people sell off their coins the price will drop and.........
by
thesum
on 24/06/2011, 02:19:37 UTC
If it drops, there's a chance for a quick profit.  If not, that's the game.  Maybe time to find another investment.

Yeah, I had a post on another not bitcoin forum thread from a guy who ALMOST started to very seriously mine bitcoin six months ago when they were going for 30 cents each, but he didn't do it.  I wish I had run across this six months ago.  Probably would have seemed even more risky then though.  It says on wikipedia that about six million coin out of a total of 21 million have been mined so far.  So if bitcoin keeps growing, there's a lot of mining still to be done.  The people who developed this project must be multimillionaires
by now.  I read somewhere in the beginning one guy would go get pizzas for lunch for 10,000 bitcoin.
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Board Beginners & Help
Re: SO if people sell off their coins the price will drop and.........
by
thesum
on 24/06/2011, 01:56:48 UTC
From what I see there seems to be a delay.  Even with the price of bitcoins dropping the miners are complaining that the difficulty is going way up right now.  The general understanding seems to be that with the latest buzz about bitcoin many people buy the equipment and start mining even when the difficulty of making bit coins goes way up and cost is prohibitive and little or no profit is possible.  So then you have to wait for those who are mining to give up and get out which takes awhile and then the difficulty will decrease.  Also some do mining just for the novelty of it and aren't that concerned about making a profit.  I was going to do mining just for that reason, just to see how it worked then I read this thread and thought maybe I should wait a while and pick up the stuff cheap on ebay.

http://forum.bitcoin.org/index.php?topic=20944.0
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Board Beginners & Help
Re: Other p2p currency players
by
thesum
on 22/06/2011, 18:22:10 UTC
Quote
If and when bitcoins start becoming more popular, which is what we all want, there is nothing stopping Amazingon from crushing it with their own brand of p2p currency. Thoughts?

As soon as I understood the concept that was my very first thought. There's a lot of incentive for entities like American Express, a bank in Asia, eastern Europe, the treasury of a small country, a venture capitalist, to roll their own version of Bitcoin rather than support the existing Bitcoin system, because of the enormous potential profits from keeping a percentage of the founding Bitcoins plus transaction fees for making a market. Such entities could make their P2P currencies much more accessible and have more real-economy links so the currency is much more usable.

But Bitcoin users may stick with Bitcoins if it is perceived as more trustworthy by not being attached to a large corporation or government, and if Bitcoins are perceived as providing more privacy and anonymity.

Right now with the Mt. Gox fiascoes and its offer to open its books to the DEA and its inviting the FBI into investigate its users for the security breach that brought down its market, it is not obvious that Bitcoins would have an advantage relative to the P2P currency sponsored by Amazon.com or other large entity.

I'd think they'd have to mine or create the coins first.  I think some miners would be interested in a new currency if it were viable.  It would be easier to make coins with a new system than with bitcoin which is getting harder and harder to do.
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Board Beginners & Help
Re: Introduce yourself :)
by
thesum
on 22/06/2011, 18:15:46 UTC
Boy this bitcoin forum is sure wild!
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Board Beginners & Help
Re: Newbie restrictions
by
thesum
on 22/06/2011, 18:14:11 UTC
Sounds ok to me lots to learn here