Well, yes, but they're being floated as an investment vehicle, with in this case the vehicle that people are investing in is the hope that someone else invests in it after they do.I always assumed bitcoins were this geeky currency used to avoid PayPal or something so I completely ignored it.
Why would you invest when prices are at all time highs? Unless you think that these are going to $2000 year.Guys, I'm young. Now's the time to invest right? I have nothing to lose!?
Hell no, it's volatile as fuck.Is this shit safe? I honestly have no idea.
Seriously, might as well go gambling. It's far from a guaranteed venture, and when prices go down and people flip out you could see it dip in value like crazy.
Edit: Also, is it worth it to mine these?
3millionOriginally Posted by whitehawk
Oh my god. I would have to lie down for a while if I were him... That's over 3 million...
That's piddles. CHUMP CHANGE.
Behold, the tale of the guy who bought a pizza for 10k bitcoins.
It was worth 2 Million in April when they were trading at $234/ea
Now? Ohhohohohohoho. At the time of course that was barely enough.
New people to bitcoins don't even know some of the dumb stories that roll around about using bitcoins for nonsense early on en masse.
And that's why bitcoin is not a currency and why nobody should treat it like one. It's a speculative (digital) asset with no known use! Quite amazing.3million
That's piddles. CHUMP CHANGE.
Behold, the tale of the guy who bought a pizza for 10k bitcoins.
It was worth 2 Million in April when they were trading at $234/ea
Now? Ohhohohohohoho. At the time of course that was barely enough.
New people to bitcoins don't even know some of the dumb stories that roll around about using bitcoins for nonsense early on en masse.
But would it really work like that? I mean you'd have to find people who want to buy those bitcoins for 3 million, right? And I guess when a single bitcoin is worth 700$ than people are going to do anything but buyingOriginally Posted by whitehawk
Oh my god. I would have to lie down for a while if I were him... That's over 3 million...
Originally Posted by IdreamofHIME
So what can you buy with a bitcoin? Just illegal porn, guns and drugs?
Shut up and take my bitcoins! A map of Bitcoin-friendly businesses
You're right. I just googled that now.You can already buy amazon gift cards direct and spend them on amazon immediately though. Like right now.
You don't have to buy them whole. They're divisible. I can buy 0.0002 bitcoins if I want.But would it really work like that? I mean you'd have to find people who want to buy those bitcoins for 3 million, right? And I guess when a single bitcoin is worth 700$ than people are going to do anything but buying
See how the volume hasn't increased? This is purely due to speculation.
Also good luck getting any real money out of Magic: The Gathering Online Exchange.
I heard from some knowledgable traders that you can still make good money from carefull trading for a few more years. But they said an end is in sight, at least for good trading profits.Guys, I'm young. Now's the time to invest right? I have nothing to lose!?
Is this shit safe? I honestly have no idea.
That's what people said at $10.Originally Posted by polyh3dron
I'd say cash your bitcoins in right now. This thing is going to crash so hard probably.
That's what people said at $40.
That's what people said at $100.
That's what people said at $250.
That's what people said at $500.
There's no way to know.
Arent e-money things (bit/lite coins) their own bubble that'll eventually burst themselves?Originally Posted by polyh3dron
I'd say cash your bitcoins in right now. This thing is going to crash so hard probably.
Too many different types in the market will kill it eventually? How does this shit work?
localbitcoins.comOriginally Posted by Valkyr Junkie
So aside from legitimate ways to turn bitcoins into other currency, what ways are people going about cashing them out? I'm referring to the people that have tons of bitcoins and would want to cash them out for tens of thousands of dollars. I'm also curious about the implications of rolling those funds into a bank account and whether or not you'd trigger some type of laundering alert.
Made 300 clean a week ago like a fucking moron.
It's not just magic money out of nowhere though, it's taxed, at least here it is after a certain gain. Don't fuck with the IRS, kids. They make the rules to win the game.
And that's exactly how (mostly random) winners and losers are born when they gamble.Originally Posted by TheExodu5
That's what people said at $10.
That's what people said at $40.
That's what people said at $100.
That's what people said at $250.
That's what people said at $500.
There's no way to know.
This is what I want to find, a company that is not invested in BTC, or other Cryptos, but has a link and can get mad profit with little risk. Don't think I'm going to find it.If I were to invest in bit coins, it sure wouldn't be the actual coins with the risk of losing access to my wallet or the difficulty in finding a buyer if the exchanges are busy/knocked out. Surely there's a stock or mutual fund that tracks the bitcoin prices and is easier to trade.
On the other hand, if a company comes out that is willing to take some risk and make BTC/USD trades seamless I might think about investing in them. A Currency Exchange that is able to issue cards or something. Wish I would have paid more attention in Economics and had the time to try to come up with something.
Take your time and be patient. It doesn't take a whole lot to do, just look at some FAQs and experiment and you will have success. Just know you need a few good Graphics cards if you want profits.Originally Posted by whitehawk
I'm trying to figure out how to mine lite coins right now. I am so, so confused.
A few? Oh jeezOriginally Posted by noquarter
This is what I want to find, a company that is not invested in BTC, or other Cryptos, but has a link and can get mad profit with little risk. Don't think I'm going to find it.
On the other hand, if a company comes out that is willing to take some risk and make BTC/USD trades seamless I might think about investing in them. A Currency Exchange that is able to issue cards or something. Wish I would have paid more attention in Economics and had the time to try to come up with something.
Take your time and be patient. It doesn't take a whole lot to do, just look at some FAQs and experiment and you will have success. Just know you need a few good Graphics cards if you want profits.
Where do you find interesting new things to invest in like this?
It's possible to buy less than one whole bitcoin; they can be divided up to 8 decimal places. One could buy $50 worth of BTC for example.Goddammit, every time I'm like "well it's not going to skyrocket ever again"
maybe I should just buy a couple when they hit a low again.
Of course you wouldn't exchange it out all at once lol, you could spread your wallet into multiple accounts and exchange out that way if you really wanted.But would it really work like that? I mean you'd have to find people who want to buy those bitcoins for 3 million, right? And I guess when a single bitcoin is worth 700$ than people are going to do anything but buying
You assume the market is not being manipulated by people who have millions or billions. I doubt whatever money that can be scrounged up on neogaf will challenge that.Originally Posted by SummitAve
So when are we going to make a bitcoin OT where we all pool our money together and try to manipulate the market?
Understanding it better now but I STILL have no clue how to get this stuff going :/
Like mining. How much can you mine? How long does it take? Can I just be like "I aint doing heavy shit today, might as well mine on my comp well I surf the web!"? Or does it take all the cunning of my Laptop to Mine?
How long does it take to mine a Bitcoin?
Originally Posted by darkazcura
Damnit I see lite coin has had a pretty big increase based on percent also. I was going to buy some a few weeks ago when they we're 3 bucks a pop, but I couldn't figure out how. Now it's 7. :( I still have no idea how to buy.
you buy Bitcoins on Coinbase and transfer them over to your account on https://btc-e.com/
Originally Posted by Black-Wind
Heard about Bitssome time ago ... didn't get it.
Understanding it better now but I STILL have no clue how to get this stuff going :/
Like mining. How much can you mine? How long does it take? Can I just be like "I aint doing heavy shit today, might as well mine on my comp well I surf the web!"? Or does it take all the cunning of my Laptop to Mine?
How long does it take to mine a Bitcoin?
your laptop won't be able to mine 1 BTC for months.. possibly years. i know of people that spent $10,000 on mining equipment only for it to become useless after 3-5 months, no ROI. just buy when its low and sell high.. repeat the process
BTC is interesting because it basically created its own legitimacy. The number of total bitcoins are almost finite since the method of creating them gets harder with every BTC transaction (mining involves hashing the record of BTC transactions) and how hard this is is accelerating faster than computer performance is. It's secure because the list of all bitcoins transactions, called the block chain, (kinda like a BTC central bank) is duplicated everywhere bitcoins are mined. Basically an un-robbable un-manipulatable bank. To forge any transaction you'd have to forge the same section in every copy of the block chain around the world. So a bit coin is an object that can't be counterfeited and has a limited supply hence why it has rising value.
The only reason why BTC has more legitimacy than other cryptocurrency is because so many people bought into it (miners, people willing to use it in real transactions). Anyone can make a similar currency from nothing, hence why there are spinoffs like litecoin and peercoin. Basically someone invented digital gold. Gold is valuable mainly because it is scarce and limited and that is why it became a currency.
Though I'm going to laugh if some super mathematician becomes a fast billionaire by secretly developing an algorithm to partially dehash solutions to dramatically reduce the brute force time. Then they'll probably just change the hashing problems for bitcoin mining.
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