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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. Easy Rhino

    Easy Rhino Linux Advocate

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    Oh I completely agree. It just seems insane right now...
     
  2. james888

    james888

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    The term tenchocratic has been used to describe those few who got/getting rich off bitcoin.
     
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  3. ShiBDiB

    ShiBDiB

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    I think the main problem now is that it's peaked. The users who have the savvy to know it exists already do.
     
  4. mauriek

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    personally i hope BTC will drop to around the "normal" price of $200-300 and gradually increase as it become more widely use and have a stronger user base. this last few month price surge mainly only benefit for speculator and media.

    For people like me BTC provide comfortable way for online transaction. as Paypal and credit card are an expensive way to do online transaction.
     
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  5. The Von Matrices

    The Von Matrices

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    I share the same opinion as you, but I don't think it will go as low as $200-$300. If you correlate the price spike to past bubbles, then in mid December there will be a correction to around $700-$800.

    It's "peaked" in the sense that at the current price, the supply of coin sellers is meeting demand from coin buyers. The price of coins is tied to how many people are using it.

    Once PayPal or some other major company accepts Bitcoin then the the market will enlarge with more people wanting to use the currency, creating more demand for coins. The price sellers charge per coin will increase to a new level in order to force down coin demand to meet coin sellers' supply again. Of course, this doesn't prevent more people from using the currency. If increased coin demand drives up the nominal price of coins, it also drives down the nominal price of goods. So this just results in more people spending fewer coins per transaction.
     
  6. ShiBDiB

    ShiBDiB

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    I don't see any major retailers accepting bitcoin, theirs no reason for them too and if anything it detracts from there business.
     
  7. r9

    r9

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    I've had 0.6 BTC when BTC was 100$ and I have chosen to keep them in USD on mtgox. And I have forgotten about them. And couple days ago I have checked the value of the BTC and instead of me having 600$ now I have only 60$. And I used those 60 usd to buy BTC again and bought a keyboard and mouse from bitcoinstore.com and want to say that are very professional.
     
  8. The Von Matrices

    The Von Matrices

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    What is your reasoning for this?
     
  9. james888

    james888

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    Anytime I mention bitcoin someone always says "...that Ponzi scheme?" I even had one of my coworkers say it was the devils currency because somehow mathematics and computers were work of the devil. I can not speak for him, but in my experience in popular opinion bitcoin is regarded negatively.
     
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  10. ShiBDiB

    ShiBDiB

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    For the reason james said. Bitcoins carry a stigma that no major company wants, and they stand to lose more business because of it than they would gain. Also companies like paypal make their money charging fee's on the movement of "tangible" currencies. If they started dealing in bitcoins they'd be investing in the growth of an already flimsy economic model, which makes no sense for a large company to do.

    Not saying the bitcoin market is going to crash, just that it has plateaued and barring a complete crash of global currencies where bitcoin is the only thing left I don't see it going up much more.
     
  11. The Von Matrices

    The Von Matrices

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    It's a reasonable argument. Bitcoin still has a way to go before gaining full public awareness, particularly for its uses as a medium of exchange rather than speculation. It's discrimination though; if common people actually noticed the vast sums of conventional currencies being gambled by investment banks in obscure financial instruments, they would realize that speculation is not unique to Bitcoin.

    I still think that Paypal can accept Bitcoin without destroying its business model. It already is a way to sell worldwide and yet only have the seller deal in only one currency; I don't see how Bitcoin would disrupt that business model. They also provide the service of buyer and seller protection (i.e. insurance). Bitcoin is based on irreversible transactions, so fraud is a major concern when dealing peer to peer. Yes, any country's courts fulfill the same function, but being able to get a quicker response with less hassle has always been the benefit of PayPal.
     
  12. Octopuss

    Octopuss

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    Anyone felt for the Dogecoin bullshit? I heard claims people were making $250 in less than a day on it. It's only been running for a week. Maybe there's some potential in it for a short period of time (I don't believe something based on a fucking meme can last).
     
  13. NinkobEi

    NinkobEi

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    "doge coins are like the perfect proof that there's nothing actually backing bitcoin. if a fucking internet meme can be sold for money..."
     
  14. The Von Matrices

    The Von Matrices

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    I stick to only the biggest cryptocurrencies since most of the smaller ones were created as pump and dump schemes. It's not an issue new to cryptocurrency. There will always be fools who fall for these schemes no matter what type of investment it is. You just have to be aware of the ridiculous claims. I suggest you read:

    https://en.wikipedia.org/wiki/Pump_and_dump
     
  15. Octopuss

    Octopuss

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    Yeah I understand it's a stupid artificial hype, but... for short period of time there's apparently profit in it. Some other people said they mined the equivalent of 2+ ltc in few hours' time, and exchanged it asap. That IS profit.
    But the main question is how long will this last.
    I am fucked either way, because I chose the wrong pool to mine at - my balance is close to zero, and the damn server went offline at night due to migration. Awesome.
     
  16. The Von Matrices

    The Von Matrices

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    Use the pool I use - middlecoin.com. There's much less risk and the profit is nearly identical.
     
  17. Octopuss

    Octopuss

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    That's weird. Too automatic.
     
  18. The Von Matrices

    The Von Matrices

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    It's a trade off. You can make more profit by individually researching coins, finding pools, creating wallets, configuring miners, and then selling the coins, but that's a lot of work.

    I'm willing to give in to the ambiguity of the middlecoin pool since it's a lot less effort than re-evaluating profitability of coins every day. The pool owner hides what coin his pool is actually mining is because he doesn't want to alert the public to sell their coins and lower their price before he sells the pool's coins.

    I think the middlecoin pool is doing a good service by killing the "new" coins through indiscriminately selling them for Bitcoin. It depresses all the other coins' prices in relation to Bitcoin, making them more likely to fail. Cryptocurrency will only succeed if there is a unified movement toward one coin; a mess of start ups in the market like there is now is going to kill them all including Bitcoin.
     
    Last edited: Dec 16, 2013
  19. NinkobEi

    NinkobEi

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    [​IMG] [​IMG] [​IMG] [​IMG]
     
  20. Easy Rhino

    Easy Rhino Linux Advocate

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    Competing currencies is good. Just like competing desktop manufacturers, competing website providers, and competing political parties.
     
  21. james888

    james888

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    I await the doge democrats of so democratic party to show itself.
     
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  22. NinkobEi

    NinkobEi

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    more likely you'll get libertarians and uber conservatives that think the only way to bring down the government is by creating an alternate to the dollar.
     
  23. mafia97

    mafia97

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    Hi guys ,
    can anyone help me get basic information about bitcoins and where to start?
    read 5-10 pages , this seems interesting
     
  24. Castiel

    Castiel

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    Here is the history of Bitcoin.

    These videos can help you learn more and get a bigger view of Bitcoin Mining.

    And it really depends on where you want to start with Bitcoin. For instance hobby or are you wanting to make a profit? Because each option will cost you different amounts. You can start today with your current hardware. And there are different software releases that allows you to do it. Though there are ASIC based chips that specifically created to handle a single task, and for Bitcoin mining they are perfect.

    For example I personally do it for a hobby. And for the setup I will be getting soon is about $180 in total depending on the costs of a ASICMiner Block Erupter. They are USB based miners that are fairly cheap, but only have a hash rate of 330Mh/s. Which doesn't really get you that much. And to power these I will use a Raspberry Pi to control the mining. With some additional accessories.
     
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  25. Castiel

    Castiel

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    Has anyone had any issues with bitcoinstore.com? I have thought about spending a majority of my bitcoin there instead of converting everything to USD and have a Money Order sent to me.
     

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