New York Firearms Forum banner
1 - 20 of 89 Posts

·
Registered
Joined
·
735 Posts
Discussion Starter · #1 ·
I am not sure if anyone on this forum is into crtypocurrency like Bitcoin but Guncoin has launched as of May 1st. So it is a great time to mine it while cheap and get in on the ground floor. HOPEFULLY one day in the next year or 2 years a major firearms maker like Ruger or Sig will accept it as a form of payment or dealers like Buds or Grabagun. Also would be cool to see it used or promoted on Gunbroker and such.

Guncoin - A Better Way - Home

https://bitcointalk.org/index.php?topic=498671.0
 

·
Registered
Joined
·
34 Posts
Guncoin is real, and its developers are working to help it become a viable option in the firearms marketplace when other financial exchange systems are turning away from firearm related sales, or are charging crazy percentage points to transfer currency. (paypal no longer allows or supports firearms related financial exchanges, JP Morgan Chase (visa) no longer supports firearms related financial exchanges, and others either have or are joining ,or charge up to 30% for transactions)

Yes, this is an older thread. But being personally involved in Guncoin since its inception, and following and personally helping to form its growth, I'm replying now to bring awareness to the fact that as well as being a specialized cyrpto-currency for the firearms industry and something that the industry can benefit from, it is still here to become the medium it was developed for and will be the solution for a growing problem.

Crypto currency is not well understood outside industry insiders, but it is a safe and secure means of financial exchange. Many people are aware of Bitcoin, and Guncoin is a derivative of bitcoin. But Guncoin has advantages over Bitcoin, as Bitcoin is the industry pioneer. Like anything else (cars, rifles, etc) improvements are made over time. Guncoin offers improved transfer times, improved security, and it also doesn't have the skeletons in the closet like silk road is for Bitcoin, so it does not have the legal crowd trying to prevent it being used for illicit transactions.

While I'm on the topic of illicit transactions, let me say that Guncoin is focused on legitimate transactions.. There are other crypto-currencies that are focused on anonymity, so that users are able to purchase items without a paper trail (real or digital). Guncoin wants none of that, so it remains completely above board legally. If you purchase something with Guncoin, it leaves a digital footprint. This means that there is a permanent record of every transaction, so that any deals gone bad have a digital paper trail. As regulations evolve, this means a legal dispute method as legitimate as any other.

I am a firearms owner and supporter (and empire of Cuomo resident) who is not happy with the way things are going in the financial and political realms, and working to bring an alternate means to an industry that needs it, before it desperately need it.. And I am currently working with the developer to make a system to use Guncoin, as easy as a credit card.

Guncoin is working to become the alternate means, without the backing of a bank, or a politician, so that it owes no allegiance except to its users.

Stick around, Guncoin has, and it's growing into what it was meant for.

I'll be posting updates here from time to time, or if you have questions you can post them here or send me a PM.
 

·
Registered
Joined
·
3,005 Posts
Bitcoin works because a critical mass of people have accepted it. Now that bitcoin is there, I don't see an alternative cryptocurrency gaining that critical mass without the backing of something like a major bank, or sovereign state.

Nothing wrong with this one, to me it's just like someone proposing a website just like facebook and looking for investors, today. Once there is one, you can't just make another one and expect to see any success.
 

·
Registered
Joined
·
34 Posts
Before facebook, there was myspace. And before that there was newsgroups and forums. Before the internet there was bulletin board systems with internet relay chat and newsgroups. Before that was backrooms, bar rooms, alleys, and convention centers.

There is always room for improvement. And once you have tried bitcoin, you will see the need for it. :)

Also, you can mine guncoin, that is how it is created. You can run a miner on your computer your own at home to create guncoin, and then spend it, hold it, or sell it. Technically, you can mine bitcoin too, but there are so many people mining it, that it has been taken over by huge data centers. So mining at home can no longer be used to create enough to be worth it.

Before bitcoin hit critical mass, someone mined and used 10,000 bitcoin to buy 2 pizza's.

Gotta start somewhere..............
 

·
Registered
Joined
·
162 Posts
Stranger things have caught on... Recall when dogecoin came out, it was/seemed largely a joke but as time went on, it ended up filling a niche for low cost 'tipping' and actually managed to eek out and maintain a reasonable value. At Porcfest (the Free State Projected Porcupine Freedom Festival) last summer, I think there were almost as many people paying for food with doge as there were bitcoin - or certainly even if not on par (in terms of # of transactions), it ended up being used in a non-trivial number of examples.

As for guncoin, it is nice to have a coin small enough that it is still willing to make major changes like the 'recent' change to the mining algorithm...I'd feel better about it if the planned "October" update to the user's guide describing it had actually been published considering it is Dec.
 

·
Registered
Joined
·
6,619 Posts
A fiat currency is a fiat currency.

As long as the currency has no solid foundation, like a gold standard, its value is purely speculative and can easily be nothing. You know...like the U.S. paper dollar.
 

·
Registered
Joined
·
8,557 Posts
I guess I don't understand this whole mining thing. how does one mine coins on the internet, is it like a video game?
 

·
Registered
Joined
·
638 Posts
A fiat currency is a fiat currency.

As long as the currency has no solid foundation, like a gold standard, its value is purely speculative and can easily be nothing. You know...like the U.S. paper dollar.
Partial credit - you are misusing the term 'fiat' as applied to cryptocurrencies.

Fiat currency is valued by the diktat of a governmental [or quasi-governmental in the case of the Fed] body. By definition cryptos are NOT fiat as they are valued based on what users of each coin feel they are worth [I.E, anarcho capitalism] .

You do, however, have a valid point regarding value chaos. Crypto's are currently very speculative and subject to wild valuation swings. Several species of crypto are looking into establishing a metal or other commodity basis [see Bankcoin, INNcoin, MINAcoin, and several others]. Some will succeed, most will fail in epic glory.

IMO, the value of cypto at this point is the exchange mechanism which bypasses the middle-man 'approver/skimmer' [read as 'banks']. That really gets governments [which are run by banks] pissed. Crypto can be used in a transaction without the purchaser even holding the coin as the payment/exchange systems convert your fiat at the click of a button to the crypto, transfer to the seller and convert back to fiat [if the seller so desires]. This just about eliminates the worry over real time value as you hold the crypto for seconds..little chance of wild valuation swing. Try sending $ to a friend in Africa via Western Union or even Paypal for just a few cents...with any crypto that is a do-able now. No $15 fee to send $100, etc as wtih the bankster controlled fiat mechanism. No denial of service because the 'system' does not approve of what you are spending your assets on. Essentially a small step closer to individual liberty and away from tyrannical intrusions.

Of course, YMMV.

TL;DR
crypto =/= fiat
crypto =/= perfect
crypto > fiat for transfer/exchange purposes unless you like outrageous fees and intrusion into your business
 

·
Registered
Joined
·
638 Posts
I guess I don't understand this whole mining thing. how does one mine coins on the internet, is it like a video game?
You run a program on your PC [or specialized hardware in the case of Bitcoin and its variants] that is essentially calculating a 'hash' [hence the cryptography meme] to verify a block of transactions. The miner [or mining pool] which successfully validates the block gets a set number of coins [varies in frequency and amount by each coin] as a reward/payment for spending the energy [literally].

Mining is the backbone of crypto. It is both the security/validation mechanism as well as the 'printing' mechanism. Each coin controls the number of new coins created by establishing the reward per block and the block frequency. If more people start mining a popular coin the algorythem gets more difficult and therefore requires more time or hashing power to solve. This effectively slows the printing rate. The block frequency also plays into how fast a transaction can be processed. Different coins process at different 'speed' depending on all of these factors.
 

·
Registered
Joined
·
4,105 Posts
It's Greek to me. I just don't understand the process.
Don't feel too bad my man. I'm largely the 'tech' guy on the NYF staff.. and I have NO clue whatsoever about any of it either; nor can I translate any of what subterfuge said into anything that makes sense to my brain.

To be fair I've never looked into it or tried to find any explanations that defines the terms he uses, which would likely make a big difference. Explaining something using specialized terms undefined without already knowing the system.. does not much of an explanation make really.
 

·
Registered
Joined
·
4,366 Posts
Basically, this crypto currency benefits us by allowing us to convert $ = Digital Currency, transfer that currency to the recipient who can then convert it back to $ at no cost. You're not paying taxes or anything of the sort because you're not conducting business in $. It's a giant middle finger to the government who can't intercept and steal a portion of it.

I fully support crypto currencies that do this AND remain anonymous. The problem with this CC is that while it provides a bypass mechanism, the block chain is fully "disco" which means that the government COULD, if it really wanted to, attempt to collect from you if it could determine who paid for what and what the conversion rate was at the time in $.

For transfers, this is fine.. for commerce, I'd pass.
 

·
Registered
Joined
·
899 Posts
solo mining doesn't do much so far (of course it's only been an hour since I read your post and started mining.) and pool mining is pretty complicated. But I stuck my nose in it so we will see what happens. I used Buds Guns because; (1.) their prices were cheaper than our local shops are, "hey we got to make a living here!" Yeah but when you mark a gun up $100 more than what I can get it for in another state SCREW YOU! ( 2.) Buds had a GE credit card which made it even more convenient! Then GE went Anti-gun, (at least they sent me my money that I paid them in advance on a back order.) Now I use DISCOVER but who knows how long that will last. This Guncoin thing looks interesting so I'll play with it for a few months and see what if anything will happen. If anything at least I can trade them in for Bitcoin.
 

·
Registered
Joined
·
4,366 Posts
solo mining doesn't do much so far....
Unless you have a **** load of processing power to mine ;) In which case, you could fill up the bottom half of the pyramid fast and leave the top portion to the late arrivals and then reap the benefit of early mining by cashing in and collapsing the market for that coin.
 

·
Registered
Joined
·
6,619 Posts
None of this will matter. Once economic collapse occurs in the U.S. as a result of unsustainable fiscal policies (unprecedented deficit spending followed by "calls" for interest payments followed by hyperinflation), no currency will have value.

At that point, the only "currency" in the land will be: Any item that you can eat, drink, wear, shoot, drive, or a trade that you can ply for one of the other items.

An interesting point: In several post-apocalyptic fictional novels I've read, ammunition is the currency of the land. And why not? Ammunition can help keep you fed. It can protect your life. It can protect your family. It can protect your property. Thus, the ammunition that you should be stockpiling now will be your wealth if our Liberal Progressive overlords continue to drag us down their primrose path right to the gates of societal ruin.
 

·
Registered
Joined
·
6,619 Posts
You're not paying taxes or anything of the sort because you're not conducting business in $. It's a giant middle finger to the government who can't intercept and steal a portion of it.
You forgot to add: HI, NSA!

Now we're good.
 

·
Registered
Joined
·
899 Posts
I started running a miner on my new mac core i7-3.5GHz, which will run dedicated 24/7 whereas this windows one won't.
You totally lost me on the bottom half of the pyramid thing. I'm still reading through the pdf and havent gotten to the FAQ's yet.
<-----newb
 
1 - 20 of 89 Posts
Top