Bitcoin . . . A Cruisers' Currency ?

[s/v Beth]

I am following bitcoin too, but I am not that excited about it. I like digital currency, and personally like the ripple concept- instantly change your money into local currency and spend that. But we'll wait and see what pans out.

[PirateBooty]

Originally Posted by s/v Beth

ripple concept- instantly change your money into local currency and spend that.

I'm all for this too, as well as competing currencies, whether they be digital or physical currencies. But I would prefer to not have to convert my digital currency in order to spend it.

It just seems like borderless currencies are a perfect fit for the cruising lifestyle. It doesn't sound like it's taking off in practice, however.

[letsgetsailing3]

Originally Posted by PirateBooty

Can you quantify how the CEO of BitInstant is "one of the primary traders of bitcoin"? I'm always trying to learn something new.

I can quantify how many posts you've made up to now on this forum. Five. (now seven)

I can also quantify how many of those posts were promoting bitcoin. Also five. (now seven)

So am I going to teach you anything about bitcoin, or anything else? No.

Then again, I'm not the one here promoting bitcoin, am I?

[Tscott8201]

I hate to say but I'm not sure your plan will work. Since the algorithm for bitcoins gets harder as time goes on, we are now at a point where mining bitcoins is at best a break even process unless you're running a really screaming rig that is very power efficient. The issue right now is that in order to complete a hash in a reasonable amount of time, you need to burn a lot of KWH and the cost of all that power eats up the cost of the bitcoins you mine. Some of the newer rigs are using high end mobile processors from cell phone because they are so power efficient, but these rigs cost so much to buy that they power savings are being offset by the high initial investment. Unfortunately for the time being, the king of bitcoin mining is distributed computing and it will remain this way until the price of bitcoins go up or the efficiency and cost of processing power improves.

Tom

[PirateBooty]

Originally Posted by letsgetsailing3

I can quantify how many posts you've made up to now on this forum. Five.

I can also quantify how many of those posts were promoting bitcoin. Also five.

So am I going to teach you anything about bitcoin, or anything else? No.

Then again, I'm not the one here shilling for bitcoin, am I?

It's kind of clear that you only see what you want to see at this point. You have ignored my repeated statements that I am here to see whether people are starting to see it accepted at their destinations. And I'm interested in any bitcoin related experiences people have had in the cruising world. I'm looking to be a cruiser myself.

If I was here to promote bitcoin, I wouldn't have asked people for their experiences and opened myself up to people like you. I would have just posted some pro-bitcoin article about how expats are embracing it. Please go muck up someone else's thread if you have nothing positive to contribute. I necro'd this one fair and square.

[PirateBooty]

Originally Posted by Tscott8201

I hate to say but I'm not sure your plan will work. Since the algorithm for bitcoins gets harder as time goes on, we are now at a point where mining bitcoins is at best a break even process unless you're running a really screaming rig that is very power efficient. The issue right now is that in order to complete a hash in a reasonable amount of time, you need to burn a lot of KWH and the cost of all that power eats up the cost of the bitcoins you mine. Some of the newer rigs are using high end mobile processors from cell phone because they are so power efficient, but these rigs cost so much to buy that they power savings are being offset by the high initial investment. Unfortunately for the time being, the king of bitcoin mining is distributed computing and it will remain this way until the price of bitcoins go up or the efficiency and cost of processing power improves.

Tom

I posted back on page one that I'm not interested in mining. I'm interested to see if people are starting to see it accepted in the cruising world as I'm looking to become a cruiser too. I've got my bitcoins, so more interested in the spending part.

[Tscott8201]

Originally Posted by PirateBooty

I posted back on page one that I'm not interested in mining. I'm interested to see if people are starting to see it accepted in the cruising world as I'm looking to become a cruiser too. I've got my bitcoins, so more interested in the spending part.

Yes, but the original poster suggested a plan of setting up a dedicated mining rig on the mainland and having it earn him cash as he sails. I was commenting as to the feasibility of his plan.

Tom

[PirateBooty]

Originally Posted by Tscott8201

Yes, but the original poster suggested a plan of setting up a dedicated mining rig on the mainland and having it earn him cash as he sails. I was commenting as to the feasibility of his plan.

Tom

Ah yes, I guess I should have started a new thread but I was trying to have good forum etiquette. As I pointed out when I necroed this thread, this thread is from 2011 and a lot has changed in the bitcoin world. Mining is hard to profit from now without a very large investment of capital, it's just not feasible like it was in 2011.

[letsgetsailing3]

Originally Posted by PirateBooty

It's kind of clear that you only see what you want to see at this point. You have ignored my repeated statements that I am here to see whether people are starting to see it accepted at their destinations. And I'm interested in any bitcoin related experiences people have had in the cruising world. I'm looking to be a cruiser myself.

If I was here to promote bitcoin, I wouldn't have asked people for their experiences and opened myself up to people like you. I would have just posted some pro-bitcoin article about how expats are embracing it. Please go muck up someone else's thread if you have nothing positive to contribute. I necro'd this one fair and square.

I have something positive to contribute. It's just not what you want to hear.

Bitcoin is an interesting idea, but there are significant risks inherent in owning a currency where less than 1,000 people own 50 percent of it. I anticipate a lot of volatility. That's why I don't see a lot of cruisers being all that interested in it, unless they have some room for speculation. You don't want your cruising expenses to be twice as expensive next week.

Also, what will happen to bitcoin when other digital currencies surface as well? Definitely the wild, wild, west.

[Coops]

Originally Posted by PirateBooty

If I was here to promote bitcoin, I wouldn't have asked people for their experiences and opened myself up to people like you.

It's an old trick used by many a poster with other intents.

Coops.

[PirateBooty]

Originally Posted by letsgetsailing3

I have something positive to contribute. It's just not what you want to hear.

Bitcoin is an interesting idea, but there are significant risks inherent in owning a currency where less than 1,000 people own 50 percent of it. I anticipate a lot of volatility. That's why I don't see a lot of cruisers being all that interested in it, unless they have some room for speculation. You don't want your cruising expenses to be twice as expensive next week.

Also, what will happen to bitcoin when other digital currencies surface as well? Definitely the wild, wild, west.

Thanks for getting positive. I agree with everything you said except your flawed statistic that nobody can quantify correctly. Keep in mind that there are wallets out there with hundreds of thousands of peoples coins in them. Coinbases has multiple cold wallets like that.

Anyway, I kind of expected that it might not have taken off outside of my bubble and this thread is re-affirming that. I can see this changing if bitcoin does increase year-over-year. It's going to be fun finding out and I have some time before I am on the water(years).

As for your question about other digital currencies, there are already dozens of them and they don't appear to impact the price of bitcoin, the opposite appears to be true.

[PirateBooty]

Originally Posted by Coops

It's an old trick used by many a poster with other intents.

Coops.

I could think of a much better way to promote it. It's really quite ingenious if I do say so myself.

If I wanted to promote it: I could just offer to buy cruisers beer with it. You can't fight free beer and win. I could pay your tab from the other side of the planet.

[Coops]

Go on then. Getting in first before the rush.

Coops.

[PirateBooty]

Originally Posted by Coops

Go on then. Getting in first before the rush.

Coops.

SEE! Even the strongest will fall to the almighty Free Beer!

Oh dang, you're in Australia, why is beer so expensive in Australia?! I tell you what. Even though I'm not here to promote bitcoin. If you just send me your bitcoin address, I'll send you some beer money.

If you can convince a local pub to accept bitcoin and let me know who they are, I'd be happy to contact them and arrange a few rounds for Coops and Company.

[Coops]

Bitcoin address. Do they actually exist? I had never heard of it before today and I am certainly not interested in it at all. Will buy my own beer, as I always have.

Coops.