Bitcoin

[goDel]

 

 

I'm not exactly putting much faith in it yet, but compared to the complete bollocks-up of everything that the traditional financial sector has managed over the last few years, I'm interested to see where bitcoin goes.

 

Thanks for the answers.

 

And just a bit of sourpussiness from my side: that financial sector is basically living by the whips of lots of quants and other it-wizz kids nowadays. If it wasn't for predictive modelling or creating the soft- and hardware for the high speed transactions, it's those far out mathematical ingenious products they've made up. The people who made those, fit largely into the same categories as your bitcoin-heros.

[MisterE]

so did any of you guys get rich off of these shits?

didn't they go from close to a dollar to over a hundred per in a few yrs?

[goDel]

The tech/programming community are not about making money.

 

*cough silicon valley cough*

[Plarkreluke Banloboh]

 

“Now here we are in a world of high information technology -- and people think it’s smart, nay cutting-edge, to create a sort of virtual currency whose creation requires wasting real resources in a way Adam Smith considered foolish and outmoded in 1776,” he wrote in the Friday post.

 

Profits in Bitcoin mining are dependent on calculation speeds. This in turn makes the research & development of quicker processors & software more competitive & lucrative - not a waste in my opinion as these new technologies won't just be used for mining.

[goDel]

Like that isn't lucrative and competitive in the non-bitcoin world already. Sounds a bit fabricated to me, but whatever floats your rationalizations for liking bitcoins, I guess. If it works, it works. Just like any other type of currency.

[GORDO]

so i gave this a shot out of curiosity back when this thread got started, then i probably uninstalled whatever i had. did i lose my wealth?

[th555]

You should see if you can still recover your wallet.dat.

[zazen]

It hit $197 on Mt Gox today. $180 on the more cool-headed bitstamp.net

 

interesting times

[Guest fiznuthian]

Yes, it's interesting that despite the Silk Road going down bitcoin is increasing in value.
A lot of people speculating Silk Road transactions were driving bitcoin popularity. There's probably some truth to it. Also,
SR going down didn't stop the black markets whatsoever. There's four more of them online already, two of which most of the vendors flocked to.

I've been watching the situation unfold and find the drama extremely interesting.. Seems the feds are in over their head on this one, because by attacking Silk Road so openly people are now taking security much more seriously. It will be a lot more harder to attack vendors and customers from here on out.

Legally, there are quite a lot of products that can be bought with bitcoin. Personally I still haven't bought any bitcoin and lost my small mining wallet long ago when I thought bitcoin was stupid. I'm considering making a small investment just to see where it goes. I don't know how I feel about sending personal identifcation to the exchanges.. To make accounts requires forms of ID..

[Chris Toffer]

How on earth has it risen so much in the past few weeks since Silkroad went down? I thought it might stabilize at around $140, but now its at almost $200?? I don't even. Now i'm kicking myself for not buying any

Edited October 22, 2013 by Chris Toffer

[Plarkreluke Banloboh]

Some say that the association with Silk Road was the biggest thing holding back it's perceived legitimacy.

[th555]

Some say the price increase is caused by china. Baidu is apparently accepting btc for one of their services.

[chenGOD]

First bitcoin ATM opened in Vancouver yesterday.

 

http://rt.com/news/first-bitcoin-atm-canada-932/

[Guest boo]

First bitcoin ATM opened in Vancouver yesterday.

 

http://rt.com/news/first-bitcoin-atm-canada-932/

lol the RT guy is dumb as fuck

[Nebraska]

Some say the price increase is caused by china. Baidu is apparently accepting btc for one of their services.

 

yep. i heard something along these lines

 

and in other news. i think i discovered who is satoshi nakamoto. if i'm right, he's pretty visible in the community and wrote another program- this time for tumbling bitcoins. i don't think it's been used (as far as i know), but it was published on pastebin.

 

anyone else searching for satoshi?

[Guest fiznuthian]

Yes, the largest exchange is now one based in China. No doubt bitcoin value risen because of it's spread.

I don't think you will ever find out who Satoshi is. There just isn't enough information to work with. Also, the temptation to take credit is not very strong.
If anything the threat to monetary systems makes taking credit for bitcoin potentially dangerous..

[chenGOD]

 

First bitcoin ATM opened in Vancouver yesterday.

 

http://rt.com/news/first-bitcoin-atm-canada-932/

lol the RT guy is dumb as fuck

 

How so?

 

I'm just astonished at the difference in the buy/sell rate.

"As of Tuesday morning, Bitcoiniacs said it was buying bitcoins for CAN$183.21 a piece and selling them for $207.37 to $211.32, according to CBC."

That's between a $24-$29 difference!!

[delet...]

heh, look at buy/sell rates for gold. There's always going to be a buyer's premium when commodity trading. It is quite a margin though isn't it. Makes you wonder if wall street hasn't gotten a controlling stake in bitcoin and is milking it for much lush. Surely you could find sellers willing to part with it for less though, but maybe in this bull market they will prefer to sit on it for the time being.

 

I'd say research bitcoin alternatives and buy a few hundred CA$ of those as a speculative bet. Bitcoin is a finite resource though and there was talk of it eventually ending up being worth in the 100s of thousands per unit once the market matures, so you still might want in on that market. They are comparing the alternatives as silver is to gold, companion currencies, and they are still pretty cheap. You would really need to research this more fully though To find which horses are likely to run the distance (well if governments don't clamp down on the whole enterprise).

 

--

 

This thread makes me depressed btw, because when bitcoin was sub a dollar i was going to buy a few then got too lazy. Life threw up an opportunity to transcend and i flunked it. lol. ;-/

[mcbpete]

 

First bitcoin ATM opened in Vancouver yesterday.

 

http://rt.com/news/first-bitcoin-atm-canada-932/

lol the RT guy is dumb as fuck

 

Are my headphones broke or is that the most poorly put together sound editing ever featured in a news report?

[chenGOD]

I didn't listen to the report, just read the article.

[Chris Toffer]

LOLLLL Bitcoin went up to USD$400 and is now around USd$320.. how the fuck does it keep rising. Shoulda bought it 2 weeks ago when i posted in here bout it being USD$200 LOLLLL

 

http://bitcoinity.org/markets/mtgox/USD

[Chris Toffer]

20 minutes later and its dropped another 10%.. this is fun to watch!

 

[Cryptowen]

Shoulda bought it 2 weeks ago when i posted in here bout it being USD$200 LOLLLL

I keep stopping myself from buying in - "nah, surely this is it, this is the fad's plateau", & then it spikes up again. I'll be kicking myself if bitcoin is the dominant Earth currency in 20 years & a bunch of redditors are trillionaires because of it

 

Now that I'm working I'm tempted to just throw a 50 at it & see what happens. The hard part would be not cashing in as soon as that 50 turns into a 60.

[kokoon]

Soooo... this weekend, huh?

[Lane Visitor]

 

Shoulda bought it 2 weeks ago when i posted in here bout it being USD$200 LOLLLL

I keep stopping myself from buying in - "nah, surely this is it, this is the fad's plateau", & then it spikes up again. I'll be kicking myself if bitcoin is the dominant Earth currency in 20 years & a bunch of redditors are trillionaires because of it

 

Now that I'm working I'm tempted to just throw a 50 at it & see what happens. The hard part would be not cashing in as soon as that 50 turns into a 60.

 

 

thinking about doing the same thing...