This is a thing that happened.
Bitcoin St. Petersburg Bowl is new name of St. Pete Bowl, source told @ESPN— Brett McMurphy (@McMurphyESPN) June 18, 2014
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This is a thing that happened.
Bitcoin St. Petersburg Bowl is new name of St. Pete Bowl, source told @ESPN— Brett McMurphy (@McMurphyESPN) June 18, 2014
Comments
Ok I'm going to go ahead and show my ignorance but can someone PLEASE explain to me what the hell a bitcoin is??
Haha, well that certainly clears it up!
It's some kind of new-fangledy money that all the kids are talking about these days. Personally, I'm sticking with my Susan B Anthony dollars for as long as I can.
Its a form, and I believe the most popular form, of digital currency. The value of a bitcoin fluctuates like a stock almost. It made a lot of people very rich when it shot up in value before. There are a bunch of different "coins" now including Dogecoin
This seemed appropriate. I'm just not sure what it's appropriate for.
http://www.coindesk.com/information/
It's the currency Alabama uses to pay its players.
Bitcoin is a digital currency, but right now most people treat it more like a commodity (think gold). Some online retailers will accept bitcoin as payment and the more that do that, the more bitcoin will operate like a currency instead of a commodity. So there are a lot of initiatives to try to get it more exposure. Another currency, Dogecoin, sponsored a NASCAR team for taladega. So now Bitcoin is sponsoring a bowl, presumably to increase awareness.
Its creation ("mining") and transactions are handled by millions of personal computers running encryption calculations. In exchange for using your computer to mine, you are rewarded with a small amount of bitcoin for every block of transactions you process. It's essentially crowd-sourcing the infrastructure that banks use. In order to hack the system, you'd have to control 51% of the computers mining bitcoin so it's very impractical (you'd have to spend $240 million to buy hardware necessary to do it or hack that many computers and as soon as you screwed with the system, the value of bitcoin would plummet).
The idea is to cut out banks, reduce fees, and decentralize control of currency. For instance, if you wanted to pay for something or send someone money, the transaction processes in a matter of minutes and you are only charged .0001 bitcoin for the transaction no matter how much money is sent (as opposed to a percentage for banks or credit cards).
What's the catch?
The catch is a bitcoin has no monetary backing. It isn't like a credit card or even a paypal account.
Ah, yes. Thanks for that.
So in theory, they might be as valuable as my collection of TKP turkey legs?
WAIT THOSE AREN'T WORTH ANYTHING???
Very apt comparison. They might be (probably are) less valuable then your turkey legs.
No wonder I can't get the biggie fries at the drive thru.
Right now there are planty of exchanges where you can trade Bitcoin for $ and vice verse. So it does indeed have value. Now that value is volatile for a lot of obvious reasons and could just as easily go to $0 as it could go up 10x.
As for those Turkey Legs, I always assumed there would be a TKP store where I could trade them for merchandise. Like the way I used to with Skee ball tickets won at the arcade. Am I not going to be able to get a TKP plastic squirt gun with 1000 turkey legs? I'm so close... don't crush that hope now!
I do know with 800 Turkey Legs you can get that nice cut glass ashtray you've been eyeing for your dad.
10,000 Turkey legs will get you a nice TKP key chain?
If that's true, then mine got lost in the mail.
This isn't the worst idea I've heard in my life.
imagine the spam these boards would be full of, ..people trying to reach 10k for the keyplay key chain. lol
Yeah, there's already enough circle jerking going on around here we don't need something to make it worse.
So...close....
...said the horse on a treadmill.
It's also treated differently for tax purposes. It's treated as property rather than currency.
Bitcoin is starting to receive monetary and funded backing from large, credible firms. I believe Overstock.com, among other online retailers (and I believe some brick n' mortars) are currently accepting Bitcoin. Legitimacy is almost complete; the lone elephant in the room is any government's hesitancy to actually back the currency. But, as crowdsourcing and other groundswell-tech-based ideas and processes gain in popularity and regularity, this is an inevitable form of stable, digitized currency traded across national boundaries. The supporting argument is, you -yes YOU can mine Bitcoins.
I'm probably adding to a bunch of already-answered, but it's real coup toward legitimacy (ironically) I would say is being the currency of choice for the defunct/missed/market-seizing opportunity, "the Silk Road...
Here is your 98 cents back -no I don't know what that is in Bitcoins currently...
Thanks, but what exactly are the computers "mining"? Maybe I've watched too much 24, but something doesn't add up to me.
They use the term mining because on the surface it functions much like gold mining. your computer does work attempting to encrypt a block of data (digging or panning for gold). the calculations have a set difficulty, but only a small percentage of results is valid (geologist says there's gold in them hills, but not every miner finds any). When you hit a valid result, you've found a block and the encrypted data is stored and added to a public registry that is then confirmed by every other computer mining. you get rewarded for the block (found gold, sell gold).
As to the worthlessness of bitcoin, it's true. It has no more value than people assign to it. Just like the dollar bill in your pocket. Really, the only reason gold is worth anything is that we think it is and it's relatively rare not because it's useful (of course, if we're talking for manufacturing purposes, it does have use). bitcoin's algorithm has predetermined how many bitcoin will ever be in circulation so it is relatively rare. Unlike dollar bills, which the fed can just decide to print a ton of (QE, anyone?).
I'm not saying bitcoin is the greatest thing ever, but it's an interesting concept and I'm kicking myself for not getting in on it back in 2009...
Thanks. I don't understand why you get rewarded with a bitcoin for doing this unless someone is receiving something else in return. If the point of the mining is just a way to distribute the bitcoin it seems there are easier ways. I feel like there has to be some sort of reason to use all this computing power and that someone is profiting, or worse, using it for something evil.
I agree the concept is interesting but having a currency that can't be controlled has its own issues. For as much publicity as there has been about "printing money" there hasn't been any of the feared negative consequences (inflation). Without the ability to manipulate the currency (and rates and inflation, etc) we very well may be in a much worse economic situation than we are now (see Europe). The concept that something is better because it's different is usually found to be a folly.
the reward is given because the mining operations not only slowly distribute the currency, but also secure the transactions. Essentially, the more people mining, the harder it is to hack the system. It's gotten to the point where to successfully screw with it, you have to attack groups of miners who are pooling their efforts and they are changing how things are set up to make that even less likely than it is now.
So then once all the bitcoins are mined does that mean the system is done? Or does it mean that once all the bitcoins are mined that the system is completely created and fully secure?
Sorry for all the question but I find it fascinating that someone or a group of people basically created this out of nothing and how it works is, obviously, completely over my head.
My issue is what is happening to your firewall that it allows your computer to talk to all of these other computers simultaneously? I worry about a potential crack in the security of system that use this.
when all the bitcoins are issued, transaction fees will increase so that miners can continue to be rewarded. However, the system is such that the last bitcoin will be issued in 2141 so I'm not gonna trouble myself over it.
As to the firewall comment: you have to give the mining program permission to operate through your wall, but it has very limited functionality. All mining programs are open source and the few times when bad actors have tried sneaking through malware, its been discovered almost immediately by the nerds who pour over code before installing it on their computers.
True in the macro sense of the value of the dollar, but the individual dollar bills in your wallet are worth $1 to exchange for goods and services because they are backed by the Full Faith and Credit of the United States.
BREAKING:
Bitcoin Bowl hacked, St. Petersburg stolen. Source: Authorities
Is this a new bowl? Or is it one of the nameless rabble of bowls that we fortunately 'rise above' when we win our seventh game of the year each season? I've always appreciated the argument for bowls remaining, but three dozen-plus of them is puzzling. As for catchiness of 'BitCoin St. Petersburg Bowl', that doesn't exactly roll off the tongue. Another tangent - does anyone think of St. Petersburg without thinking 'Oh yeah, next to Tampa...'? Much the same indignity that St. Paul (that's Minnesota, not Va) and Fort Worth suffer.
Same game, new sponsor. Formerly the Beef O'Brady's Bowl
Cool. With the new sponsor, it should be SOO much more watchable. At least it's been around a while.
I had no idea there were Bowl Games in Russia.
Didn't you hear Putin won the Super Bowl with the Patriots a few years back?
In Soviet Russia, bowl plays you!
Not a fan of the idea of digital currencies. Call me a luddite.
As long as they take them at Wendy's drive thru, I don't mind.
But the exchange rate fluctuates daily. You don't know what you are paying.
So, we're being serious? Okay. It doesn't matter what the price is. Who really knows what they pay for their #3 combo meal at the drive thru? Wendy's prices fluctuate frequently. Not to mention, if it is not a participating franchise, then they jack the prices up anyway. Essentially, as long as you get your cheeseburger, too many fries, and huge soft drink for something less than ten dollars, people are basically happy. So, the price can vary by ten percent either way and people are either mildly pleased or mildly puzzled at the cost. They still buy it day after day.
I have no problem with bitcoin conceptually but it is too unstable at the moment.
For a business 10 percent is a huge deal. If your costs (expenses) were fluctuating 10 percent daily you would go out of business quickly because you couldn't forecast and plan for anything with any reasonable amount of certainty. You would have to add a huge risk factor into your pricing and your competitors would eat you alive.
The value of the USD fluctuates too. If bitcoin were adopted more widely the fluctuation would be much more manageable.
The problem isn't for the business, as I already pointed out. The problem is for the consumer, where the pricing fluctuates wildly, but I already discounted that completely by the example of people going through the drive thru regardless of pricing, as long as it stayed within a highly variable window. You missed my point in your eagerness about Bitcoin. Again - people go through the drive thru, and they buy lunch. Pricing matters almost zero. As long as it is not outrageous, they buy. The business passes along the fluctuation daily, yet demand stays the same, relatively. What I've learned from this is - Bitcoin-type devotees have nearly as little sense of humor as sports metrics nerds.
there is no problem for the consumer, they can drive down the road to another drive-thru where the prices don't fluctuate (or just simply choose to pay in cash) .... however, as someone already pointed out - as bitcoin becomes more widely accepted its fluctuation swings will greatly diminish
As I've already said - the consumer accepts the inconvenience and does zero to change it. Nobody pulls out of the McD's drive thru to go a mile to the next McD's, or even across the street to go to BK's. They just gripe about the price while in their car, then forget it as soon as they eat their fries. They pay the price because the price is blind to them. They have a concept that lunch should cost less than ten bucks if you pick it up without leaving your car, fifteen if you go inside and someone comes to your table for your order. Otherwise, they don't care. They won't go elsewhere because bitcoin fluctuated because they won't go elsewhere if the price fluctuates, period.
bitcoin is an extra payment method, i.e. I now have an extra OPTION ... places that accept bitcoin also accept dollars, if you get to the drive thru and see the price in terms of bitcoin has gone up you can pay in cash, if the price in terms of bitcoin has gone down you can pay in bitcoin.. that's what smart people would do... if foolish people wish to just pay extra for no reason then that's their problem
If as you suggest, everyone is willing to pay 10 dollars for lunch, McDs and BK are leaving a lot of money on the table only charging 4 and 5 dollars for value meals... something with that just doesn't add up
By the time you supersize it, it usually comes out to $8+
maybe in a large city, but I've never paid $8 for a McD's meal outside of DC or New York
Try stopping on a limited access highway rest stop.
...or an airport...or a hospital...
McD's in a hospital?? Really?
Oh yea it's definitely a thing. Pretty depressing. I know there's one in VCU's hospital in Richmond.
It's a much shorter drive for the ambulances.
Synergy!
or right outside of any amusement park.
didn't mean it was unheard of, just that it is the exception, not the rule
and for the airport/hospital comment below, I didn't even consider them because we were discussing a drive thru
Another problem is getting paid in $ then having to convert it to electrons. Then paying electrons for goods and services.
One thing not being discussed is that the miners get paid for their service. It is essentially a fee that has become an incentive for miners to conglomorate in order to control large amounts of bitcoins. Conglomorations of currency (banks) are what bitcoins are supposed to be against.
I've mined enough bicoin in the last month to buy a gumball. Problem is, not many gumball machines take bitcoin.
you should mine something else and then just trade it for bitcoin on a currency exchange. Try dogecoin, vertcoin, or darkcoin. Coinwarz.com shows you which ones yield the most for whatever processing power you have. Although a lot of the smaller coins function like penny stocks and have drastic shifts in profitability.
I mine with a cheap USB ASIC miner originally to collect data for myself, but now I run it because its power consumption is practically nonexistent. I might eventually try mining other coins, but until my job starts my computer hardware is only slightly above average.
oh ok. yeah bitcoin is the best you'll do then. ASICs are great until everyone gets them and the difficulty skyrockets (bitcoin, and soon to be litecoin). I'm still doing gpu mining for the flexibility.
PUMP and DUMP - Rinse and Repeat-Bitcoin Part Deux, somebody is getting rich on this SCAM, hopefully they all go to jail! Do Prostitutes and Strippers accept Bitcoin? I think not.
Just going to take a guess here, but I don't think you understand what is going on in this situation.
EDIT: After 30 seconds of using google it turns out you CAN use bitcoin at a stripclub http://www.reddit.com/r/Bitcoin/comments/1vlbgt/strip_club_in_portland_a...
Hell on the Deep Net you could buy almost anything with BitCoins: ramen, shirts, silverware, tools, games, cars, drugs, votes, guns, assassins, women....
Always with them negative waves, Moriarity
Cool time to head to Portland with all my invisible coins!
I'm not surprised they are dipping their toes in advertisement/ sponsorship after the relative success Dogecoin has had in NASCAR.
Are we sure that the 'relative success' (I question that) in NASCAR isn't because most NASCAR fans think it is some kind of promotion by Chrysler - Get your Dodge money just by signing up here! Instant cash back on any new Challenger you buy!
Will they let you pay in Bitcoins? I can see it now:
Before everyone showed up beers are $10.
Right before kickoff they are $20
In the second quarter they are $3
During halftime they are $100
During the third they are $50
After the game they are $0.50
Didn't Top of The Stairs have something like that might have been for ladies lock up back in the eighties.
630-700 50 cent drafts
700-730 1 dollar
730-800 buck fifty ect.
They had quarter beers on Tuesdays or something based on the story my mom tells. Guys would line up before they were allowed in and give quarters to girls for their beers.