Bitcoins!

[n-ster]

Give BTC a month to recover from the disaster and over-speculation IMO

 

[P1n3apqlExpr3ss]

You expecting it to go up in other words?

 

[Easy Rhino]

buy low, sell high.

 

[matteumayo]

buy low, sell high.

 

[LAN_deRf_HA]

buy low, sell high.

Or the far more common; buy low, sell lower, pull hair.

 

[n-ster]

Or the far more common; buy low, sell lower, pull hair.

Mine lots, sell 1/4 at a price, see the price shoot up the next day, sell at what looked like a peak (another ~1/3), then see the price reach incredible amounts and sell the rest that you have and stop mining and making money cuz you can't live in the heat during summer

lost a few finger nails in the process

 

[twilyth]

buy low, sell high.

Sell high, buy low.

Go balls to the wall and do it on leverage.

Yeeeeaaaaaa Haaaaaaaaa!

 

[Steve-007UK]

Just came across this so thought i would post it here so people can have a read.

http://www.theregister.co.uk/2011/07/10/camp_bx_goes_live/

 

[LordJummy]

Anyone want to start up a TPU mining pool for fun? I know it's a bad time to start, but it would at least increase our rate of finding the block each round. Either that, or I am part of a small private pool that has 0% fees so you keep all of your coins. Let me know if you are interested in joining.

 

[P1n3apqlExpr3ss]

^ Could be interested

 

[ShiBDiB]

is this even remotely profitable anymore? seems any money to be made is in playing the market and not by farming

 

[P1n3apqlExpr3ss]

Approx power usage for me is 1$ ish a day, while daily BTC worth is like $2-2.5

 

[twilyth]

Just came across this so thought i would post it here so people can have a read.

http://www.theregister.co.uk/2011/07/10/camp_bx_goes_live/

Great article. Short selling is what my last post was referring to but I don't know if people got that.

From the article:

Bitcoin volatility

However, as recent events have illustrated, technical security isn’t the only challenge facing exchanges. The volatility of the currency itself is also a problem.

Mithawala says this price volatility illustrates a gap in Bitcoin’s design. “A core thing that’s missing in all the exchanges is that there is no functionality for short selling.”

While short-selling got a bad reputation in the global financial crisis, it’s still an important market mechanism, he believes, one which would help reduce the range of prices – and therefore the volatility – of Bitcoin prices.

“If someone believes Bicoin prices should be lower at a particular point in time, they should have that option.”

Bitcoin’s “one-sided” price pressure makes the currency vulnerable to “flash crashes”, he believes, leading to variations that can be as much as “hundreds of percentage points in a month.”

This volatility drives Bitcoin towards purely speculative exchanges, he told The Register. “If prices can stabilize, that’s when the Bitcoin economy will really take off.”

Short selling is when you think something is over valued. You then borrow that security from someone (at least in theory) and sell it as if it's your own. If the price drops as you expect, then you buy it back and return the loan - for a profit. Of course if you're wrong, well . . . .

Since there are always going to be people who think any particular security is over valued, there will always be short sellers in the market. This helps stabilize prices because if there is a sudden drop, these people, who are short-term traders anyway, will come in to buy and lock in their profit. If the price suddenly spikes, those same people will come in and buy to cover their losses.

 

[n-ster]

is this even remotely profitable anymore? seems any money to be made is in playing the market and not by farming

my guess is it is still pretty profitable

Just calculated, I would do about 5.50$ worth of BTC per day, which is about 4.30$~4.50$ profit per day, so about 30$ a week. far from what I did in the past

 

[Platibus]

my guess is it is still pretty profitable

Just calculated, I would do about 5.50$ worth of BTC per day, which is about 4.30$~4.50$ profit per day, so about 30$ a week. far from what I did in the past

That's more than the minimum wage here.

 

[n-ster]

I used to be able to do 20~30$ a day lol

 

[Easy Rhino]

oh yea, im a noob. bitcoins still fail though.

 

[n-ster]

oh yea, im a noob. bitcoins still fail though.

I'm actually happy it is declining... Hopefully enough people leave so that we can start from almost scratch, and them make more money by being early adopters xD

Theses declines recently were predicted though

 

[PVTCaboose1337]

I'm actually happy it is declining...

No you aren't.

Hopefully enough people leave so that we can start from almost scratch

Good luck having difficulty go down...

and them make more money by being early adopters xD

Cause when difficulty FINALLY DROPS the value will be below electricity cost.

Theses declines recently were predicted though

Not really, nobody sold their BTC off, so they all got screwed. Nobody could really predict the decline after it hit $10.

 

[erocker]

oh yea, im a noob. bitcoins still fail though.

Considering there are way better investments both long term and short term. Absolutely.

 

[n-ster]

No you aren't.



Good luck having difficulty go down...



Cause when difficulty FINALLY DROPS the value will be below electricity cost.



Not really, nobody sold their BTC off, so they all got screwed. Nobody could really predict the decline after it hit $10.

The decline from 5$ to now was predicted (or at least speculated), and I have 0 BTC, I only bought low sold high (day-trading) lately and got bored. If BTC slows down even more than now, we could be looking at a dead period, and that could mean 2 things, BTC never comes back up, or there will be a short amount of time where mining will be as profitable as it was in the rapid increase. So if you mine when BTC is down (and when difficulty is down), then stockpiling could work in the LONG term. Where the most money will be at though, is at the beginning of the increase, where Bitcoin may go high quickly, and difficulty will go back up just as quickly. During that time,20$ per day with 2x 6870 may be plausible

I'm not saying this scenario is probable, I'm saying it is a good possibility, enough to get me excited. If it does happen, and you know how to milk the cow, then you can get easy money for a month or 2.
So all we need is a stagnation for a few months, hopefully at below 1$ and where people will start selling off their BTC

 

[ShiBDiB]

I must be thick, but this entire premise of making money out of nothing with nothing backing it up just screams of a scam where someone somewhere is getting rich. And the fact that this hasn't spread outside of the tech forum circles is reason enough to believe its a waste of time.

 

[n-ster]

I must be thick, but this entire premise of making money out of nothing with nothing backing it up just screams of a scam where someone somewhere is getting rich. And the fact that this hasn't spread outside of the tech forum circles is reason enough to believe its a waste of time.

Reason why the majority are tech forum users is becomes it's them who have the hardware to mine!

The concept is good, it just needs something to stabilize it's value a bit better

 

[PVTCaboose1337]

but this entire premise of making money out of nothing with nothing backing it up just screams of a scam

Any fork that is made off of bitcoins has the creator premining MILLIONS of coins for themselves, and then releasing it to the public. That way, then the coins are worth something they can sell and make money!

 

[AphexDreamer]

I actually profited well with Bitcoins.

Managed to buy a few games I wanted BF2, Crysis 2 (Waste lol) some hardware and have some left over to go towards a new GPU.

I've since stopped though after I had to reformat my computer and forgot to backup my wallet...
I lost the few coins I had left plus the difficulty increased just made it so I didn't turn back. It was good while it lasted and I hope something like this happens again so I can make use of it again.