Bitcoins

[Jared]

http://puu.sh/5mBbf.png

If you can read a graph, you can see that the price per 1 bitcoin keeps dramatically going up and up. Three years ago, I invested $300 into Bitcoins, when the rate per 1 was under $2. Currently I have 330btc, and the profit just keeps rising. Sadly, BTC isn't looked at like regular hand held currency and I just can't walk up somewhere and use an ATM to withdraw all the money. $276,210 just chilling online, while I sit here trying to pay ends meet to keep the power on haha.

Do you know what bitcoins are?

[Drew]

Only found out about bitcoins after coming across this piece of news a few weeks ago: FBI Arrests 29 Year Old Mastermind Of Billion Dollar Internet Drug Blackmarket (http://topinfopost.com/2013/10/03/fbi-arrests-29-year-old-mastermind-of-billion-dollar-internet-drug-blackmarket)

I'll have to wiki it to find out more, but love this post!

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Repped :)

[Jared]

Only found out about bitcoins after coming across this piece of news a few weeks ago: FBI Arrests 29 Year Old Mastermind Of Billion Dollar Internet Drug Blackmarket (http://topinfopost.com/2013/10/03/fbi-arrests-29-year-old-mastermind-of-billion-dollar-internet-drug-blackmarket)

I'll have to wiki it to find out more, but love this post!

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Repped :)
Thanks! It's quite the cryptocurrency.

[FlyingJesus]

Prices are going up because The Silk Road got taken down and there were millions upon millions of dollars worth of Bitcoin stored with them - so those have all effectively disappeared. It does however mean that there are currently going to be less buyers since trust in the system will have gone down. If you can become a buyer on one of the trusted major non-Onion sites you could see a huge amount of money come through as long as you stay online to complete the deals, especially if you put your prices slightly lower than others

[Lucy]

If you have BTC are there not online exchanges you can use to get cash out of it? I know a few people who cashed in and got a few thousand bucks.

[Happy-Tomato]

I dont have a clue about bitcoin and i dont really want to get into it

[RealClifford]

I dont have a clue about bitcoin and i dont really want to get into it

What a constructive and necessary post this is.
i thought about investing in Bitcoins a couple years ago, wish I did now.

[Happy-Tomato]

What a constructive and necessary post this is.
i thought about investing in Bitcoins a couple years ago, wish I did now.

Yes


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)

[AgnesIO]

If you have so many, why not sell them..

Sent from my HTC One X

[Zak]

Only found out about bitcoins after coming across this piece of news a few weeks ago: FBI Arrests 29 Year Old Mastermind Of Billion Dollar Internet Drug Blackmarket (http://topinfopost.com/2013/10/03/fbi-arrests-29-year-old-mastermind-of-billion-dollar-internet-drug-blackmarket)

I'll have to wiki it to find out more, but love this post!

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Repped :) This is exactly how I found about it too :P

[Samantha]

What a constructive and necessary post this is.
i thought about investing in Bitcoins a couple years ago, wish I did now.

His reply answered hos question if members know what Bitcoins are. This shows he does, I do not though.

[Mark]

Isn't there a Bitcoin ATM somewhere in America? I swear I read something about it recently however I doubt it'll dispense the amount of money you've got haha.

[Futz]

It does make me sad knowing my friend got into mining bitcoins in like 2009 but we both didnt keep it up

we could have been millionaires

but tbh it's the same as saying "how rich would you be if you bought apple stocks"

[Kardan]

It does make me sad knowing my friend got into mining bitcoins in like 2009 but we both didnt keep it up

we could have been millionaires

but tbh it's the same as saying "how rich would you be if you bought apple stocks"

Don't you need super computers to even make a profit on mining bitcoins anyway?

[Futz]

Don't you need super computers to even make a profit on mining bitcoins anyway?

not when it started - it was relatively easy to get bit coins

there was a guy who bought a pizza with 10,000 bit coins back when they were new, if he sold them today that would be $7,000,000

now you need a super computer to make a profit because the electricity/bitcoin output is terrible unless you have a super computer

[AgnesIO]

Let's remember, there are all these bitcoins but they are worthless unless anyone actually wants to buy millions of dollars of them from you...

[Demi]

Let's remember, there are all these bitcoins but they are worthless unless anyone actually wants to buy millions of dollars of them from you...

Took the words out of my mouth

[-:Undertaker:-]

Let's remember, there are all these bitcoins but they are worthless unless anyone actually wants to buy millions of dollars of them from you...

Bitcoins are worthless in a sense, however as I understand it they are actually protected from being printed ad infinitum like the government's and central banks do with our money. The US Dollar isn't backed by anything either, there's nothing to stop the US Government printing like crazy (which causes inflation) to pay off it's debts - which it does anyway, just look at inflation in America and here. The only thing holding the Dollar and other fiat currencies up is mere belief - that's all.

Bitcoin seems interesting to me but I am wary of it, much better to stick to silver and gold which will always always always always retain value because they are a true currency that cannot be printed or created out of nothing.

[AgnesIO]

Bitcoins are worthless in a sense, however as I understand it they are actually protected from being printed ad infinitum like the government's and central banks do with our money. The US Dollar isn't backed by anything either, there's nothing to stop the US Government printing like crazy (which causes inflation) to pay off it's debts - which it does anyway, just look at inflation in America and here. The only thing holding the Dollar and other fiat currencies up is mere belief - that's all.

Bitcoin seems interesting to me but I am wary of it, much better to stick to silver and gold which will always always always always retain value because they are a true currency that cannot be printed or created out of nothing.

You "mine" bitcoins, but the problem is there will only ever be so many - the equation of mining means they will eventually NEVER make any more. The biggest problem for me is that (despite what supporters like to claim) the entire currency is valued on drugs. Without this purpose, it would be worthless.

Surely an issue with gold and silver is that it will eventually be gone?

[-:Undertaker:-]

You "mine" bitcoins, but the problem is there will only ever be so many - the equation of mining means they will eventually NEVER make any more. The biggest problem for me is that (despite what supporters like to claim) the entire currency is valued on drugs. Without this purpose, it would be worthless.

Ah I see, well that's good - as with below.


Surely an issue with gold and silver is that it will eventually be gone?

That is a strength for a currency, not a weakness.

[AgnesIO]

Ah I see, well that's good - as with below.



That is a strength for a currency, not a weakness.

And the bit about drugs? Is that good too?

I would argue it fails to be a strength when there is so little a tiny amount is worth literally millions.. that would mean many would not have any.

[-:Undertaker:-]

And the bit about drugs? Is that good too?

Never commented on drugs, it's not the topic being discussed.

Made my opinions on drugs pretty clear over past few years - i'm for legalisation provided the welfare state and national healthcare services are privatised so that the taxpayer wouldn't be forced to pay for the stupidity of drug users.


I would argue it fails to be a strength when there is so little a tiny amount is worth literally millions.. that would mean many would not have any.

You confuse currency with value, goods and services are what are wealth. If we both have two chips between us compared with 200 chips each - those 100 chips we both hold are equal to the two chips just they are denominated in lesser amounts.

Printing more or having more of a currency doesn't create wealth.

[AgnesIO]

Never commented on drugs, it's not the topic being discussed.

Made my opinions on drugs pretty clear over past few years - i'm for legalisation provided the welfare state and national healthcare services are privatised so that the taxpayer wouldn't be forced to pay for the stupidity of drug users.



You confuse currency with value, goods and services are what are wealth. If we both have two chips between us compared with 200 chips each - those 100 chips we both hold are equal to the two chips just they are denominated in lesser amounts.

Printing more or having more of a currency doesn't create wealth.

I am well aware it doesn't create wealth, but you need to control currency at least to some extent.

It is also completely stupid to refuse to comment on the first bit - you clearly don't understand the topic at all well; Bitcoins survive on websites like Silk Road (I assume you know what that is). .onion websites often use Bitcoin if they operate through sales; and that is the problem with the entire currency.

[FlyingJesus]

Bitcoins survive on websites like Silk Road (I assume you know what that is). .onion websites often use Bitcoin if they operate through sales; and that is the problem with the entire currency.

Not sure why you believe that certain purchases make an entire currency problematic - is the dollar useless because so much of it is spent on weapons? A pound coin is a pound coin whether I use it to buy rocks paper or scissors, and Bitcoins are just the same since they are a real currency and not HxF tokens or some other such virtual currency

[AgnesIO]

Not sure why you believe that certain purchases make an entire currency problematic - is the dollar useless because so much of it is spent on weapons? A pound coin is a pound coin whether I use it to buy rocks paper or scissors, and Bitcoins are just the same since they are a real currency and not HxF tokens or some other such virtual currency

A certain purchase which makes up the majority of sales is slightly different than a currency where a pathetic percentage of it is used to buy weapons.

The issue isn't with that by itself though, it's the fact that it is so anonymous; and therefore so easy to hide.

Sent from my HTC One X

[FlyingJesus]

On its own it's no more anonymous than keeping a tenner in your wallet; the only reason Silk Road was able to hide much of its activity and user identity was because they invented an electronic version of money laundering which is an illegal practice in most modern countries, so again it's the use of the currency and not the currency itself that is at fault

[Invent]

Sadly, BTC isn't looked at like regular hand held currency and I just can't walk up somewhere and use an ATM to withdraw all the money. $276,210 just chilling online, while I sit here trying to pay ends meet to keep the power on haha.

You can convert BTC to USD through a variety of services. Coinbase (http://coinbase.com) is a popular service, for example.

[Metric1]

Bitcoins are the Habbo credits of real life.

[HE-Joshua]

My thoughts are its far to inflated now - I wouldn't be surprised of sever consequences occuring from this like the GFC there was a high before a HUGE dip.

[mrwoooooooo]

i bought 10 litecoins yesterday for £63. already gone up to around £100 for 10

[scottish]

Go to university

http://www.theverge.com/2013/11/21/5129094/university-of-nicosia-bitcoin-payments

[AgnesIO]

Go to university

http://www.theverge.com/2013/11/21/5129094/university-of-nicosia-bitcoin-payments

Saw this literally just now.

Would be amusing if Bitcoin crashed...

I really do hope this kind of currency doesn't erupt..

Sent from my HTC One X

[FlyingJesus]

Odd time to accept Bitcoin as payment when that means people who invested just a couple of quid now have a few thousand and can essentially go to uni for a fiver :P kinda wish I hadn't spent mine but oh well

[Explorator]

I think bitcoin will be rather successful in the future as I bet banks will start offering exchange rates.

Sooner or later, someone will come up with a rig that can make like 1BTC per day, and they would be rich.

[AgnesIO]

I think bitcoin will be rather successful in the future as I bet banks will start offering exchange rates.

Sooner or later, someone will come up with a rig that can make like 1BTC per day, and they would be rich.

Energy costs.

[peteyt]

I read about bitcoins a while ago, wasn't a major popular site for storing them or something hacked and all the bitcoins on it lost?

However as to myself, It's something that sounded too confusing/complicated to bother with

[AgnesIO]

I read about bitcoins a while ago, wasn't a major popular site for storing them or something hacked and all the bitcoins on it lost?

However as to myself, It's something that sounded too confusing/complicated to bother with

Silk Road was closed, with the FBI seizing all of the coins - and I believe another site was hacked.

[peteyt]

Silk Road was closed, with the FBI seizing all of the coins - and I believe another site was hacked.

Found the article it was actually from last year http://www.bbc.co.uk/news/technology-19486695

[Firehorse]

If you can read a graph, you can see that the price per 1 bitcoin keeps dramatically going up and up. Three years ago, I invested $300 into Bitcoins, when the rate per 1 was under $2. Currently I have 330btc, and the profit just keeps rising. Sadly, BTC isn't looked at like regular hand held currency and I just can't walk up somewhere and use an ATM to withdraw all the money. $276,210 just chilling online, while I sit here trying to pay ends meet to keep the power on haha.

Do you know what bitcoins are?

http://www.bbc.co.uk/news/technology-24756030

[Reality]

I don't really know what they're but from reading peoples comments I'm guessing it's basically a online currency that allows you to buy things?!?!?!?!

[Jared]

I haven't logged in since I posted this thread, so please pardon this as it's not "grave digging".

I used some of the money, I went out and purchased a used car, paid for an apartment one year in advance and am in college. Found a nifty exchange site, it's helped me to start living my dreams!

[AgnesIO]

I haven't logged in since I posted this thread, so please pardon this as it's not "grave digging".

I used some of the money, I went out and purchased a used car, paid for an apartment one year in advance and am in college. Found a nifty exchange site, it's helped me to start living my dreams!

Were they not on Mount Gox??

[Stephen]

you still got any btc left?