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i've wanted to get into bitcoin for months now but not bad enough to deal with all the bullshit hoops i'd have to jump through or give someone a hefty commission for taking the risk of selling some to me by paypal.

 

at one point i actually signed up for a dwolla account, and was going to jump through those hoops to make it happen, and right after i got the dwolla congress came down on them.

 

i was going to see if there was money to be made jumping back and forth between the various coins, mainly between lite and bitcoin.

 

for a while i even looked at buying one of those asics but my spidey sense told me that those things might not ever break even since by the time you get one so will thousands and thousands of other ppl, all plugging theirs in at the same time, and lowering the returns. any of the calculators online that calculate how long it would take to get your money back from an asic don't seem to take that into account, and still show that it'd take at least a couple months to break even, and that's only with the most expensive ones (several thousand $ models). anything cheaper takes many months, and if those calcs aren't factoring in the rising difficulty (which could only be an estimate anyway), it's really probably never.

 

it just seems like too much of a huge pain in the ass to get into bitcoin. i dont want to meet some guy somewhere. i hate guys. i just want to use bitcoin to try to make money even if that supposedly goes against the whole spirit of the currency, which i dont care about (and i think is bullshit when ppl say that because prob the guy who made the thing has tons of coins sitting somewhere and made the whole thing just to get mad rich), because im a greedy capitalist pig, dammit!

 

TLDR wats the easiest way to get into bitcoin without me having to meet some dude in a fedora somewhere

Edited by MisterE
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sweet, im trying to buy 100 worth right now, but localbitcoins.com is down.. i looked into coinbase, but i dont feel safe giving my debit card or bank account info. is there any trustworthy sites where i can do a moneypack, giftcard, or anything like that? is paypal secure to use?

Edited by Lane Visitor
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... am i paranoid not to trust submitting my bank account or debit information to a site called coinbase.com, or localbitcoins.com?? It just feels very shady considering the type of market it is. how do i know im not gonna get fucked from the actual company?

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Since localbitcoins was down for like a day, i suspect the new peak is again a result of much speculation on exchange rates. The bad thing is that everybody from now on would keep their bitcoins in order to get benefits in future peak (10x higher) and circulation is needed for currency to live. I'm in when it's down again though.

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There was a US senate hearing today about virtual currencies, and they generally said positive stuff about it.

 

e.g. see

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

http://online.wsj.com/news/articles/SB10001424052702304439804579205740125297358

 

US Govt making positive noises can only fuel the rise. I think it'll break $1000 soon.

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Remember, they're only worth that if someone actually buys them off you for that price.

 

yeah but isn't that what the exchanges are for? or do they only work one way lol

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yeah i mean the price is jumping up but i doubt it's making too many people tons of loot. for the very reason that i now am not even interested in buying in at all, until it drops back down. prob most non-dummies out there feel the same. so good luck selling at this price. imo if you can manage it it'd be a smart move. of course it might shoot up higher but how realistically how high could it go? look at gambling. you have to go by odds and make smart moves to have any chance and even then your chance is just that, up to chance. this is the same thing. if you cashed out now and made a hefty profit thatd be smart even if it still went higher, because you have no way of knowing for sure that it will, your chances of selling now are lower than they were when the price was lower, you'd be making profit, and not holding out for the hope that it goes higher which could screw you if it crashes. im no wiz at finances but i think guaranteed profit is usually better than a chance at higher gains or losses. but the current 'profit' isn't guaranteed because you still need to find a buyer at these insane prices.

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What the hell are you talking about? Selling is not an issue, it's INSTANT. Look at the buy walls at all the exchanges, you know the price wouldn't be going up if the demand wasn't bigger than supply.

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I just bought $100 worth tonight at a mcdonalds in cash from some dude i met off localbitcoins.com lol.. checked his seller rating, and it was legit and he seemed a pretty straight up guy. payments are confirmed and in my digital wallet.

 

i know, 100 is only pocket change and the market is high right now, but who knows, maybe in a year, the fed will regulate it, and it will boom in the world economy and ill have 6 more zeros added to the amount in my wallet ha

 

fingers crossed (:

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Cool, looks like my small amount of bitcoins (about a third of a bitcoin lol) are now worth about £100 which is not bad seeing as all I did too get them was fill out a few questionnaires and watch some vids a few years ago... I could really do with the money too... Should I sell?

 

Edited by 2WV
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What the hell are you talking about? Selling is not an issue, it's INSTANT. Look at the buy walls at all the exchanges, you know the price wouldn't be going up if the demand wasn't bigger than supply.

 

This demand is driven by artificial scarcity (and a healthy dose of stupidity if you ask me).

 

The really sad thing is, bitcoin has been driven away from their original purpose of becoming an alternative, decentralized currency. As the process of mining bitcoins becomes more and more capital intensive, the currency becomes more and more centralized (as the barrier to entry becomes higher) and thus you end up with a currency much like any other - run by a select few elites. And with the price of bitcoin driven so high by currency speculators, it makes little sense to purchase them to use as currency.

 

but don't mind me, i'm just an old fuddy-duddy who doesn't even see the supposed intrinsic value in gold

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Well if you were fuddy duddy you'd like gold. It holds value better than fractional reserve currency, especially at these stupid interest rates and in this era of mega inflation (don't argue that last term, i'm using it somewhat loosely).

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