Bitcoin

[chenGOD]

 

as the barrier to entry becomes higher

why? you are not forced to buy whole coins.

 

I'm talking about mining.

[o00o]

 

 

as the barrier to entry becomes higher

why? you are not forced to buy whole coins.

 

I'm talking about mining.

 

yeah but that was the purpose of mining all along no?

[chenGOD]

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).

 

It holds value, sure, but again that's artificially driven and additionally you can't use it as a currency (try walking into your local 7-11 with some gold leaf and buying something)...

I think I've made the argument on here before, but gold has value only because people believe it does.

Also what interest rates? You think low interest rates are a problem?

 

 

 

as the barrier to entry becomes higher

why? you are not forced to buy whole coins.

 

I'm talking about mining.

 

yeah but that was the purpose of mining all along no?

 

 

The purpose of mining was to make it harder to mine so that a decentralized currency could become centralized?

[delet...]

 

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).

 

It holds value, sure, but again that's artificially driven and additionally you can't use it as a currency (try walking into your local 7-11 with some gold leaf and buying something)...

I think I've made the argument on here before, but gold has value only because people believe it does.

Also what interest rates? You think low interest rates are a problem?

 

 

 

as the barrier to entry becomes higher

why? you are not forced to buy whole coins.

 

I'm talking about mining.

 

yeah but that was the purpose of mining all along no?

 

 

The purpose of mining was to make it harder to mine so that a decentralized currency could become centralized?

 

 

Low interest rates are a problem if you want to save money. I agree that currently gold is a commodity rather than a currency. But it is a popular one is it not, china and india use massive amounts of the stuff, not to mention all the central banks that are in the market buying. I wasn't really disagreeing with you on anything really. Just wanted to clear up what i meant. Like fiat money bad, in a low interest environment because inflation outpaces your cash savings value. So you need to hold something that holds it's value if all that saving is to mean something, and i don't trust the stock market and am not wealthy enough to buy one of our over priced australian houses.

 

;-]

[delet...]

If you do believe in alternative digital currencies and want to get in on some early days high risk high reward action though, there are alternatives you could do worse than throw a couple of hundred dollars at. If bitcoin keeps up it's march eventually others will come looking for one of these to throw money at.

 

I do see though as everyone says, that for a currency to work, it needs to be used. And not just in coffee shops in berlin. But there is a broad user base poised to emerge in africa (?) and apparently the chinese are buying it as a surrogate to move their renminbi offshore. So who knows, this thing may power on. I'm just depressed about it all, heh, the the same reasons that it probably pisses you off. [-;

[delet...]

I know how we can help bitcoin thrive. Add the ability to donate to watmm in it. hah

[Nebraska]

average bitcoin investor

 

Edited November 20, 2013 by Nebraska

[Nebraska]

http://youtu.be/lcsZe34m2Us

[MisterE]

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.

well like i said im not a financial wiz, but if you just go by the age old adage 'buy low sell high', and consider that its pretty much the only thing that everyone who invests in anything 'knows', i would say it would be a common sense assumption that when something SKYROCKETS like this (its not even a little jump or spike, it's a huge one), it's safe to assume that more people are looking to sell rather than buy. like what idiot is sitting there saying 'holy shit bitcoin just shot through the roof! time to buy now!' and goes and drains their life savings to dump into the thing?

 

also i think it's entirely misleading to call the selling instant. if the selling were instant i would have been in it months ago, because it'd mean the buying was instant, and in general it's anything but. as far as i know the exchanges don't allow you to cash in and out of bitcoin. and it's hard to buy in with paypal or credit cards or anything that has something like a chargeback, by design. so that means people have to find a way in, and they usually involve several steps. so buying is far from 'instant' in most cases, unless like i said you find someone willing to take the risk to sell to you through paypal (which then makes them vulnerable to chargebacks and is why they charge a hefty fee). OR willing to meet you in person which again which isn't instant considering the time it takes to meet and find a person online willing to buy before the meet. you have to post in some forum advertising what you have and wait. how is any of this "instant"?

 

there might be demand but where is that coming from right at this moment? average people or corporate types looking for hedge funds (who prob arent interested in meeting you at starbucks for a couple hundred worth in BC when they are dealing in thousands+), etc?

Edited November 20, 2013 by MisterE

[o00o]

mtgox had an api error repeating sales over and over again causing a collapse in the whole system

history repeats again as they where the cause for the last bitcoin crash that happened before

Edited November 20, 2013 by o00o

[fenton]

"

so buying is far from 'instant' in most cases, unless like i said you find someone willing to take the risk to sell to you through paypal (which then makes them vulnerable to chargebacks and is why they charge a hefty fee). OR willing to meet you in person which again which isn't instant considering the time it takes to meet and find a person online willing to buy before the meet. you have to post in some forum advertising what you have and wait. how is any of this "instant"?

 

"

 

I used localbitcoins.com and it took me about 60 seconds from registration to owning 1 bitcoin. I didn't have to meet anyone. Or use paypal. I did have to trust someone, but that someone had 100+ feedback rating so I guessed they weren't about to mug me off, and can do nothing with the minor details about me they now know.

 

Currently my profit is £100. I'll report back in a few weeks and let y'all know how I got on. I plan to cash out what is left of my investment around xmas [i figure it'll be worth a lot then because of all the drug buying going on]. I'll keep any profit in my wallet and sit on it till later.

[fenton]

Stabilised around £500/btc atm. So I'm currently well up.

 

 

Vaguely concerned that they've stabilised permanently. Only one way to find out - keep them.

[Nebraska]

2 israeli researchers suggest satoshi nakatomo may have invested in the silk road

 

http://bits.blogs.nytimes.com/2013/11/23/study-suggests-link-between-dread-pirate-roberts-and-satoshi-nakamoto/?_r=0

[o00o]

Stabilised around £500/btc atm. So I'm currently well up.

 

 

Vaguely concerned that they've stabilised permanently. Only one way to find out - keep them.

 

mtgox had crashes and 505errors again yesterday when it hit the all time high but everything is pretty stable today

[o00o]

 

serious mining setup

[granty]

I just bought 0.1 BTC from localcoins.com - it was easy really. A bit scary wiring real cash to someone I don't know from Adam, but he was very helpful and patient. I haven't got it stored in an offline wallet, just kept it on the website. Fuck knows what I do now, or where I can even spend it.

[Lane Visitor]

^ nice.. be careful.. I ended up getting ripped off by the guy I bought it from (the purchase I posted about on here last week). I only spent $100, but still, pretty shitty. I think he reversed the payment, cuz my BlockChain wallet says "Final Balance: $0." It had $90 a days before.

[Guest viscosity]

I got some via Coinbase when it went down and am up a few dollars. could cash out now.. but greed has me thinking I should wait till it gets over a thousand. has anyone looked into alternatives such as litecoin or peercoin? seems like they have potential for growth

 

if I go on holding them, I guess I should look into transferring them to a paper wallet

[fenton]

^ nice.. be careful.. I ended up getting ripped off by the guy I bought it from (the purchase I posted about on here last week). I only spent $100, but still, pretty shitty. I think he reversed the payment, cuz my BlockChain wallet says "Final Balance: $0." It had $90 a days before.

 

 

He can't reverse the payment. Why is it in a blockchain wallet? Did you transfer it from localbitcoins to your blockchain wallet? There is no possibility that the guy who sold you the BTC could have taken it back like that! Your transaction history in blockchain will show you what's up.

 

Let me know, we'll find your btc! Unless someone hacked into your block chain in which case: WTF! But let's have a gander, it is very unlikely. Post screenshots of your blockchain send and receive address pages etc.

 

btw i can't get your btc unless you tell me your blockchain login, so don't do that, not that i want to rob you, wattmer!

[fenton]

Just start by explaining to me how the btc got into your blockchain wallet in the first place.

[Guest]

when something SKYROCKETS like this (its not even a little jump or spike, it's a huge one), it's safe to assume that more people are looking to sell rather than buy.

 

 

nah man.. i know rly nothing about the complexities of this shit but when something skyrockets it means that demand is greater than supply. in this case, a lot of people "demanded" to buy bitcoin to get in NOW, in the belief that it would rise even higher. this means they were willing to pay a higher price. The result is that the value of bitcoin rises. simple.

Edited November 26, 2013 by Guest

[o00o]

It goes on

[Chris Toffer]

Calling a crash to $300 then re-rise shortly after to $700 in the next week.

[Params]

[Chris Toffer]

 

lmfao yes this is me alright