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(The Raw Story)   The most irritatingly geeky headline of the day: "Winklevoss twins book a Virgin Galactic trip into space using bitcoins"   (rawstory.com) divider line 51
    More: Interesting, Tyler Winklevoss, Virgin Galactic, commercial spaceflight, Virgin Group, headline, SpaceShipTwo, Marco Polo, Minnesota Twins  
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940 clicks; posted to Geek » on 05 Mar 2014 at 5:35 PM (23 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



51 Comments   (+0 »)
   
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2014-03-05 04:06:59 PM
Not like you can do anything else with them.
 
2014-03-05 04:08:19 PM
But did they book a return trip?
 
2014-03-05 04:15:25 PM

Learned Hand Job: But did they book a return trip?


Isn't space a libertarian paradise?
 
2014-03-05 04:57:44 PM
How many bitcoins to accidentally open the hatch while they're in orbit?
 
2014-03-05 05:05:46 PM
Those guys have the best drugs.
 
2014-03-05 05:46:43 PM
Considering the CEO of the company that the Winklevoss twins invested in was arrested I would exchange those coins for something else quickly.

/like frozen concentrated orange-juice futures
 
2014-03-05 05:47:38 PM
buttcoin.org
 
2014-03-05 05:58:52 PM
Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?
 
2014-03-05 06:07:53 PM
Can't wait for them to put all their money into bitcoin, get hacked, and wind up in the poorhouse.
 
2014-03-05 06:18:46 PM

Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?


I don't see the value in them but yeah the outrage is a bit over the top.
 
2014-03-05 06:21:17 PM

Ned Stark: Did you all flush a bunch when they were worth a nickel?


Every morning I flush something with the same intrinsic value as a Bitcoin, and I didn't have to fark the environment by wasting CPU cycles on meaningless busywork in order to do so.
 
2014-03-05 06:31:13 PM

Debeo Summa Credo: Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?

I don't see the value in them but yeah the outrage is a bit over the top.


It's the farking mouth breathers that keep insisting that bitcoins are wonderful, rather than the idea itself. Without that drumbeat of insults to one's intelligence from people with obviously broken bullshiat detectors, bitcoins would just be a rather silly curiosity.
 
2014-03-05 06:37:35 PM

poot_rootbeer: Every morning I flush something with the same intrinsic value as a Bitcoin, and I didn't have to fark the environment by wasting CPU cycles on meaningless busywork in order to do so.


Yes, I'm sure the outrage against bitcoins is driven by concern for the environment. People are Very Concerned (tm) about that.
 
2014-03-05 06:39:39 PM

Angry Drunk Bureaucrat: How many bitcoins to accidentally open the hatch while they're in orbit?


It would take quite a few, since you'd first have to spend the money it would take to upgrade the Virgin Galactic system to something that actually goes into orbit.  (It doesn't.)
 
2014-03-05 07:03:10 PM

forgotmydamnusername: Debeo Summa Credo: Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?

I don't see the value in them but yeah the outrage is a bit over the top.

It's the farking mouth breathers that keep insisting that bitcoins are wonderful, rather than the idea itself. Without that drumbeat of insults to one's intelligence from people with obviously broken bullshiat detectors, bitcoins would just be a rather silly curiosity.


Everyone I know IRL that loves bit coins are farking mouth breathing, "really smart and tech savvy" farking retards. Who have gone out of there way to attack me for not realizing the brilliance of the concept and to say that it is nothing at all like monopoly money at all!
It is CURRENCY! Not money! It doesnt need any thing to actually BACK it!
 
2014-03-05 07:04:34 PM

Radak: Angry Drunk Bureaucrat: How many bitcoins to accidentally open the hatch while they're in orbit?

It would take quite a few, since you'd first have to spend the money it would take to upgrade the Virgin Galactic system to something that actually goes into orbit.  (It doesn't.)


They are going to space much in the same way that the Red Bull guy jumped out of a balloon in space.
 
2014-03-05 07:04:35 PM

Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?


Because it seems like all of you gold bugs just moved onto bitcoins without so much as missing a beat.  It's a ridiculously complex extra step for anyone who didn't invest for the short term, and it's hilarious watching you all deal with the sunk cost fallacy.  There is literally zero reason why I would want my money to be inconvenient for me to access, volatile  and easily stolen.  Plus the weird fanboyism is hilarious.  It's like the Graphic Novel version of money.
 
2014-03-05 07:08:15 PM

BSABSVR: Because it seems like all of you gold bugs just moved onto bitcoins without so much as missing a beat. It's a ridiculously complex extra step for anyone who didn't invest for the short term, and it's hilarious watching you all deal with the sunk cost fallacy. There is literally zero reason why I would want my money to be inconvenient for me to access, volatile and easily stolen. Plus the weird fanboyism is hilarious. It's like the Graphic Novel version of money.


it is interesting to watch each and every flaw in the concept come to fruition

it's like the autistic befedora'd randroid in the class saying he's gonna go make his own bank with freedoms, except he actually does it and immediately crashes it into the ground for reasons such as economics 101
 
2014-03-05 07:16:00 PM

Hollie Maea: They are going to space much in the same way that the Red Bull guy jumped out of a balloon in space.


Well, a bit more than that.  Baumgartner flew about as high as a helium balloon can take you, which by definition is not space, hence the frequent use of "edge of space" in talking about his jump.  Virgin is (theoretically, eventually) crossing the Kármán Line and therefore entering what is generally accepted as space.  But it's still a long way from a sustainable orbit.
 
2014-03-05 07:26:25 PM
Next week's headline: Winklevoss twins arrested when Bitcoins backtraced to child porn depository
 
2014-03-05 07:27:56 PM

Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?


From what I've seen on Fark and various other boards, the problem really seems to be that Bitcoins aren't controlled by a government/government entity.
 
2014-03-05 07:35:31 PM

BSABSVR: Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?

Because it seems like all of you gold bugs just moved onto bitcoins without so much as missing a beat.  It's a ridiculously complex extra step for anyone who didn't invest for the short term, and it's hilarious watching you all deal with the sunk cost fallacy.  There is literally zero reason why I would want my money to be inconvenient for me to access, volatile  and easily stolen.  Plus the weird fanboyism is hilarious.  It's like the Graphic Novel version of money.


all you?

sold mine when they were worth a nickel, mate.
 
2014-03-05 08:01:11 PM

robohobo: Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?

From what I've seen on Fark and various other boards, the problem really seems to be that Bitcoins aren't controlled by a government/government entity.


And aren't protected by the FDIC either. So if your trading website crashes/is hacked/flies to Aruba you are out everything. like anyone who deposited into Mt Gox is out a quarter of a billion dollars.
 
2014-03-05 08:01:41 PM
Right at this moment I can't think of any future headline that would make me happier than "Winklevoss twins broke after bitcoin crash", except possibly if the subhead were "Implicated in fraud, arrest warrants issued".

These two won the Lottery of Life in just about every possible way, got paid millions in fark Off money for little more than being in the room when Facebook was invented, and still aren't satisfied with how much life has handed them. If you look up "born on third base, think they hit a triple" in the dictionary, their picture is next to it.
 
2014-03-05 08:03:59 PM

Elfich: And aren't protected by the FDIC either. So if your trading website crashes/is hacked/flies to Aruba you are out everything. like anyone who deposited into Mt Gox is out a quarter of a billion dollars.


They're also the dork equivalent of Beanie Babies, but even they weren't dumb enough to think their local bar would take payment in Princess Diana bears one day.
 
2014-03-05 08:06:47 PM

Because People in power are Stupid: Those guys have the best drugs.


Considering that they were both  confirmed to be at Burning Man this year (whether they came face to face with Zuckerberg is a matter of some dispute) that might be accurate
 
2014-03-05 08:22:16 PM

Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?


I don't think anyone's angry, we're just making fun of them a lot for being stupid.

Sometimes profitable-stupid, like saving the first edition of a comic book in the 1940s, but stupid nonetheless.  It's the currency for people who think that the regular money-market is just way too stable and "being able to actually buy things" isn't an important part of currency's purpose.

// It's a  great currency for running scams on people, though, your ill-gotten gains basically launder themselves so long as you dump 'em before a down-swing hits.
 
2014-03-05 08:28:48 PM

Ned Stark: Why do people get so irate about bitcoins?

Did you all flush a bunch when they were worth a nickel?


It's not so much bitcoin, it's the people who promote it. Specifically the folks who fill up my newsfeed with crap about how bitcoin is the future of currency. Between the dozen or so otherwise OK people they have lost,  by my count, a total of $50-100,000 from price collapses and MtGox, but their faith and enthusiasm has not been shaken.
 
2014-03-05 08:31:51 PM
As someone who actively mines scrypt-based altcoins, and makes a tidy sum at it, and is smart enough to not "get hacked" and "lose all my worthless 'currency'", I get a kick out of all the hate... I made double my investment within 3 months, cashed that out so I wasn't "out" anything if the market went to absolute zero, reinvested some more recently, and I'm sitting on a nifty bankroll that I occasionally spend some of when needed... still don't understand the animosity from the general public on fark
 
2014-03-05 08:47:28 PM

Zaltec: As someone who actively mines scrypt-based altcoins, and makes a tidy sum at it, and is smart enough to not "get hacked" and "lose all my worthless 'currency'", I get a kick out of all the hate... I made double my investment within 3 months, cashed that out so I wasn't "out" anything if the market went to absolute zero, reinvested some more recently, and I'm sitting on a nifty bankroll that I occasionally spend some of when needed... still don't understand the animosity from the general public on fark


Most of us have 'jobs' that we use to trade 'work' for things of actual value.
Bitcoins are like a Ponzi scheme that hipsters voluntarily run on each other.
 
2014-03-05 08:52:40 PM
Imaginary money bought to fly on an imaginary space ship, that's only ever flown to the part of space that is barely technically space, and stays there about 10 minutes.

/you'd be better off riding a vomit comet.
//Theres a balloon ride planned that will go higher then Spaceship 2 as well.
 
2014-03-05 08:53:55 PM

Zaltec: As someone who actively mines scrypt-based altcoins, and makes a tidy sum at it, and is smart enough to not "get hacked" and "lose all my worthless 'currency'", I get a kick out of all the hate... I made double my investment within 3 months, cashed that out so I wasn't "out" anything if the market went to absolute zero, reinvested some more recently, and I'm sitting on a nifty bankroll that I occasionally spend some of when needed... still don't understand the animosity from the general public on fark


So... Mom pays for your power huh?

/I assume your "cashing out"  is more video cards for mining more magic cards?
 
2014-03-05 08:58:33 PM
These guys are business titans, and so I hope they get to orbit Titan.
 
2014-03-05 09:08:26 PM
Nah, my "cashing out" was for non-video cards, that would be the "reinvestment" I spoke of... my "cashing out" was for much more mundane things, such as a family trip to Prague this summer, and gift cards for stores to use while I'm travelling in the US, to avoid either hefty debit bank transaction fees, or visa foreign exchange rates.. I also pay for my hydro, however that only accounts for up to 10% of my gross returns, and is factored in and paid before I calculate profits...

Again, not sure where this hate is coming from... I said nothing that would imply I live in my parents basement, and I am educated, experienced, and gainfully employed, so there's probably not many valid "personal" attack vectors that would actually work with me...
 
2014-03-05 09:14:32 PM
What good are bitcoins to virgin?  They can't buy machine parts or fuel with bitcoins.  They can't pay employees or divdens to shareholders with bitcoins.  What could any major company possibly buy with bitcoins that they don't already have a purchasing system specifically designed to work with state backed currency set up to buy?
 
2014-03-05 09:37:21 PM

Egoy3k: What good are bitcoins to virgin?  They can't buy machine parts or fuel with bitcoins.  They can't pay employees or divdens to shareholders with bitcoins.  What could any major company possibly buy with bitcoins that they don't already have a purchasing system specifically designed to work with state backed currency set up to buy?


A fool and his money are soon parted. It's good PR, and reminds rich dumb farks that Virgin Galactic is still selling tickets for their boondoggle.

/Virgin galactic will be the first civilian space tragedy, mark my words.
//Lets ride to the stratosphere on a pile of burning tires...
 
2014-03-05 09:43:38 PM

Zaltec: such as a family trip to Prague this summer


So you found someone who paid you enough CND for your butts to pay for airfair for what 3? 4? from Canada to Prague?  Please. Tell me how. Or does Ryanair now take Buttcoin?

As for gift cards, you know how that scam works right? People shoplift the cards and sell them for butts, but they aren't actually worth anything without being activated in the store they were stolen from, at the cash register.
 
2014-03-05 10:07:14 PM
cheapflights.com
gyft.com

I love how hard people think it is to exchange BTC for "real money"...
 
2014-03-05 10:10:33 PM
sorry, cheapair.com*
 
2014-03-05 10:14:32 PM
I am selling plots of land on the moons of Mars, Jupiter, and Saturn... 100 bc per acre. Send me all your BC's, or buy them for cash, and then send them to me.  You get a nice suitable for mounting certificate, written in goldenized ink, and a deed of trust for the number of acres you purchase. You also get naming rights for your executive Ranchette ( although not mineral rights, nor air/water rights ). Buy now, to avoid the rush, leave the investment as a heirloom to your family. Call today! Operators standing by; and for an additional 10% savings, buy 2 plots of 2 different moons!
 
2014-03-05 10:59:13 PM

fluffy2097: Zaltec: such as a family trip to Prague this summer

So you found someone who paid you enough CND for your butts to pay for airfair for what 3? 4? from Canada to Prague?  Please. Tell me how. Or does Ryanair now take Buttcoin?

As for gift cards, you know how that scam works right? People shoplift the cards and sell them for butts, but they aren't actually worth anything without being activated in the store they were stolen from, at the cash register.


thank you for also attempting to insult my intelligence... www.gyft.com (I also get 3% back on bitcoin purchases there... love this site)

I haven't yet seen anyone give me any even halfway legitimate reasons for me to stop mining altcoins.. or explain to me why I'm such an idiot for doing so? I still don't get all the hate...
 
2014-03-06 12:42:11 AM

Egoy3k: What good are bitcoins to virgin?  They can't buy machine parts or fuel with bitcoins.


Not yet, you mean.

They can't pay employees

Yes they can.

or divdens to shareholders with bitcoins.

They can't yet, you mean.

What could any major company possibly buy with bitcoins that they don't already have a purchasing system specifically designed to work with state backed currency set up to buy?

Why would any major company use email when they already have printers, envelopes, and stamps to send letters through a state-backed postal system?
 
2014-03-06 01:12:20 AM

pseudowho: Why would any major company use email when they already have printers, envelopes, and stamps to send letters through a state-backed postal system?


Nice.

Anyway, all this is merely a step in the evolution of global commerce independent of a singular government. Which sounds neat!
 
2014-03-06 02:37:42 AM

Egoy3k: What good are bitcoins to virgin?


I forgot to mention - they're worth at least $5,000 per customer in increased profits because Virgin doesn't have to pay credit card fees (assuming a minimal 2% interest rate).

And no risk of a $250,000 chargeback if someone changes their mind.


Also,

They can't buy machine parts or fuel with bitcoins.

You don't think a major company like Virgin
A) doesn't own the suppliers in many cases, and even if not,
B) can't convince their distributors/suppliers/etc. to accept payments in Bitcoin to keep Virgin's business?

Especially when it means that those other companies can easily have it converted directly to fiat and pay 0% fees (saving hundreds of thousands or more a year) with Bitpay, or if they prefer they can keep part or all of it in bitcoin and get instant transfers of funds... again with zero fees.
 
2014-03-06 02:39:59 AM

Bob_Laublaw: pseudowho: Why would any major company use email when they already have printers, envelopes, and stamps to send letters through a state-backed postal system?

Nice.

Anyway, all this is merely a step in the evolution of global commerce independent of a singular government. Which sounds neat!


I think it's very exciting. Especially the promise it holds for people in the US - and even more so in developing countries - who don't have bank accounts.

The technology underlying Bitcoin (if not necessarily the specific currency application of that technology) will allow them to join into a truly global economy.

It's cool stuff.
 
2014-03-06 03:30:31 AM
If man were to ever travel over 35mph his torso would surely implode.
 
2014-03-06 06:48:13 AM

Zaltec: As someone who actively mines scrypt-based altcoins, and makes a tidy sum at it, and is smart enough to not "get hacked" and "lose all my worthless 'currency'", I get a kick out of all the hate... I made double my investment within 3 months, cashed that out so I wasn't "out" anything if the market went to absolute zero, reinvested some more recently, and I'm sitting on a nifty bankroll that I occasionally spend some of when needed... still don't understand the animosity from the general public on fark


So you got lucky and got in before the boom and now you're attempting to make more money while the remnants of the bubble continues to deflate and stabilize.

Don't lose the rest of your lottery winnings.
 
2014-03-06 07:03:46 AM

pseudowho: Why would any major company use email when they already have printers, envelopes, and stamps to send letters through a state-backed postal system?


That would be an appropriate analogy if bitcoin didn't take a lot longer to verify compared to cash or credit card because of how the blockchain is designed.

I forgot to mention - they're worth at least $5,000 per customer in increased profits because Virgin doesn't have to pay credit card fees (assuming a minimal 2% interest rate).

Except that miners currently collect 3.5% in transaction fees, the 2% credit card fee can be avoided via bank transfer, and the value of the bitcoins themselves are prone to sudden drops.

And no risk of a $250,000 chargeback if someone changes their mind.

Yeah, because I'm sure that Virgin let's people make $250,000 charges all the time without any proof that the purchase was legitimate.  OTOH, if the purchase wasn't legitimate, why would a customer want to make it so that someone can steal all their money without being traced?

You don't think a major company like Virgin
A) doesn't own the suppliers in many cases, and even if not,
B) can't convince their distributors/suppliers/etc. to accept payments in Bitcoin to keep Virgin's business?


And then what do the suppliers do with the bitcoins, start buying heroin on silk road 6.0?

Especially when it means that those other companies can easily have it converted directly to fiat and pay 0% fees

Wow.  Do you really think that Virgin buys from their suppliers via VISA or Mastercard, as opposed to a direct bank transfer, where the fees are already 0% to begin with?

or if they prefer they can keep part or all of it in bitcoin and get instant transfers of funds... again with zero fees.

Great.  So they can hold onto their bitcoins that could lose all their value overnight, in the hopes that maybe someday one their suppliers will be willing to accept bitcoin as payment.

I think it's very exciting. Especially the promise it holds for people in the US - and even more so in developing countries - who don't have bank accounts.

Yes, instead of having a regular bank account, they can switch to a system that is much less secure and much more complicated.
 
2014-03-06 07:21:00 AM

poot_rootbeer: Ned Stark: Did you all flush a bunch when they were worth a nickel?

Every morning I flush something with the same intrinsic value as a Bitcoin, and I didn't have to fark the environment by wasting CPU cycles on meaningless busywork in order to do so.


so, you flush US currency down the toilet every morning?

/I'll be here all week.... tip your waitress.
 
2014-03-06 07:23:19 AM
Seems somehow appropriate....

fake money for a fake trip
 
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