Bitcoins

[Zilmatic]

Surprised there isn't a thread about Bitcoins/Cryptocurrency, anyways anyone here into it? I myself originally only used 1400 into LTC and made over 3g's profit after all the fees and shit. If anyone is interested I can add more info/links about bitcoins/cryptocurrency.

[shiftdrift]

get a real job. /thread

[Zilmatic]

^Lol, this shouldnt be anyones main source of income...

The True Value of Bitcoin: What You Really Need To Know - YouTube

[NAIRB]

I have always found bitcoins interesting, post up some more links/info.

[zerodameaon]

I have had some PMs back and forth with some about it. It is seeming more and more that altcoins are what to get into. I made about 700 bucks off $80 one night around thanksgiving off litecoins. With how volatile these things are its nothing to bet your life savings on.

I also mine TRC(with 3 ASIC) and XMP off my CPU.

www.btc-e.com is a good exchange for multiple currencies.

[BoostSlideWayz]

The more efforts made to eliminate us currency the more control the gov has over our funds.. I know i sound like some conspiracy theorist nut but they really do want to eliminate the dollar. They want it to be 100% electronic transfer. There are many reasons why its bad but for the most part im not going to get into assumptions because i know alot of people dont like conspiracies.

[zerodameaon]

The US govt wants more involvement with crypto$, they may not show their true colors yet. If you look at what banks are saying(the people who really run the show) they want to make all the money they can and crypto is looking better and better.


Also its best not to keep your money in an exchange, take it out and keep it in a wallet on your computer(with backups in a few spots) or a paper wallet in a firesafe.

[Zilmatic]

Within that last half of THIS YEAR there was a significant jump in LTC (Litecoins) it was just under 2.50 usd, and last month it peaked at 47 usd... Doesnt take a math genius to see if you invested at the right time you would of made a killing. IMO just use money you would could afford to lose.

[zerodameaon]

At what point did you buy LTC? it seems like you bought it when it was on the rise.

[PeaceOnesxWai]

Interesting but skeptical. I saw what bitcoins were sometime ago but never thought it would actually be worth more value then purchased. Its getting out of hand how much each coin is worth but if there are idiots that believe its value and are paying for it, the coin will stay in value.

Also because of all the media attention right now, the value has risen immensely. To me its a big balloon thats going to pop once the government somehow get their hands on it. Its a new age ponzi scheme

[Black R]

OP, post up how you mined for bitcoins!

IMO, it's useful to pay for goods anon...

[zerodameaon]

Get that anonymous notion out of your head before it backfires in your face. These coins are not anonymous, anyone can track the blockchain, and with some more in depth forensics they can eventually track down locations based on IP address and such. Yeah its not as easy as looking at bank account names or credit cards etc but it is not anon.

[Frank_Jaeger]

Originally Posted by PeaceOnesxWai

Interesting but skeptical. I saw what bitcoins were sometime ago but never thought it would actually be worth more value then purchased. Its getting out of hand how much each coin is worth but if there are idiots that believe its value and are paying for it, the coin will stay in value.

Also because of all the media attention right now, the value has risen immensely. To me its a big balloon thats going to pop once the government somehow get their hands on it. Its a new age ponzi scheme

Cryptocurrencies are only worth what people are willing to pay for them. Nothing in existence has intrinsic value; it's ironic for you to call people idiots who're trading these things because you believe certain currencies have inherent value.

The government has explicitly stated bitcoins are a legitimate form of currency. Due to the nature of the network, no government is in a position to control or regulate the market. The most any government could do is outright attack the network, and I don't see that happening. Also please educate yourself on what a ponzi scheme is, and then educate yourself on the principle behind bitcoin and its introduction. Bitcoin is not a ponzi scheme. In fact no cryptocoin, even the obvious clones which have been cranked out to make a quick buck, are a ponzi scheme.

Originally Posted by zerodameaon

Get that anonymous notion out of your head before it backfires in your face. These coins are not anonymous, anyone can track the blockchain, and with some more in depth forensics they can eventually track down locations based on IP address and such. Yeah its not as easy as looking at bank account names or credit cards etc but it is not anon.

Mixing services are available. By default the use of these networks is not anonymous, however there are steps that can be taken to hinder or even stop tracking.

[zerodameaon]

Yeah but even with those services people were not using them because they thought it was anonymous. Silkroad users were one big chunk of those people who hid behind a false notion of it even though it says on bitcoin.org that its not anonymous. There is a lot of misinformation out there on these "walkthrough" and what is websites that are just plain wrong.

Here is a good example.
"The Bitcoin is a system which allows you to do anonymous currency transactions and no one will come to know about the payment or about all other info related to the payment, including who sent it, who received it, etc."
http://www.hongkiat.com/blog/bitcoin-questions/

Its really no more anonymous then cash once it enters the black market, in fact it might be less.

[NAIRB]

Yea, there is no way that they can be totally anonymous, how do you think they shut down silkroad. There is definitely a way to track you if someone really really wants to. Also I don't think anyone is really mining them anymore, it seams to have become to hard unless you have some ridiculously huge mining machine. I think the main way to make money now is buy LTC when the ltc/usd is low in price, wait for it go up in price, convert to usd, repeat.

[zerodameaon]

Silkroad got shut down mainly because the creator fucked up and hired someone to kill someone else. That and the guy was not really doing anything to keep his identity a secret.


Mini is still viable especially for LTC which is ASIC proof for now due to its memory demands. I can mine about one every 4 days with my old Nvidia(can't mine worth a shit) GTX 560TI. If you had a ATI video card of the same gen you could pump one out every two days or so. Also mining primecoins is still viable as those just rely on calculating prime numbers. Now I am not calculating power in to this because I used to do folding and have seen a drop in my power bill since I started mining coins as I have transferred a lot of the duty onto ASICs.

[NAIRB]

^ Did not know that about the the owner. Pretty dumb on his part.

And that is actually better than I thought, maybe ill try to mine some ltc an see how it works out.

[jamg]

crypto currency is going to be huge

china has already announced that they have a limit on US bonds. no more buying US debt, so the dollar is only getting weaker.

china is also dumping some of their resources into the mining of bitcoins.

what china does- the rest of the world follows.

[zerodameaon]

China as a govt is not supporting it, they are also not limiting it. I would bet a lot of the "OMG CHINA IS CRACKING DOWN ON BITCOIN" hype you read in american news is all to try and drive the price down so banks/rich people can scoop up as much as possible for as cheap as possible. Yeah a lot of Chinese people sold after this most recent news but it seems a lot more Americans did as a response to Chinas announcement then their own people.

[PeaceOnesxWai]

Originally Posted by Frank_Jaeger

Cryptocurrencies are only worth what people are willing to pay for them. Nothing in existence has intrinsic value; it's ironic for you to call people idiots who're trading these things because you believe certain currencies have inherent value.

The government has explicitly stated bitcoins are a legitimate form of currency. Due to the nature of the network, no government is in a position to control or regulate the market. The most any government could do is outright attack the network, and I don't see that happening. Also please educate yourself on what a ponzi scheme is, and then educate yourself on the principle behind bitcoin and its introduction. Bitcoin is not a ponzi scheme. In fact no cryptocoin, even the obvious clones which have been cranked out to make a quick buck, are a ponzi scheme.


Mixing services are available. By default the use of these networks is not anonymous, however there are steps that can be taken to hinder or even stop tracking.

How is this not a ponzi scheme? Its made of out of nothing and sold to investors being told the value of the coin will be able to sell at a higher value later. They then sell to the next ladder of investors, which are bought at a higher value.. The ladder/pyramid continues down the line... Ponzi scheme

I understand what bitcoins do but they are using a peer-to-peer money exchange and taking that electronically exchanged money to pretend it as a real currency. What if the whole market panics and people decided to cash out? Where is the money going to come from? There is no value to the coin, no government backing, it has no secondary value. No bank in the world would take that currency and exchange you into fiat currency.

I only see this as a short term investment because of the popularity of it. There are still new investors buying into this so it will hold value or increase but at present it is close to its cap. I dont see it being accepted as real currency until somehow the cryptographic is worth some kind of value.

[Frank_Jaeger]

Originally Posted by PeaceOnesxWai

How is this not a ponzi scheme? Its made of out of nothing

I'm going to stop you right here and kindly point out all currencies that ever have existed and ever will exist are made out of nothing. Just because you print paper and call it money, doesn't automatically give it value; the market does. Even if a currency is backed by a commodity, the commodity itself has no backing. This is taught in basic college level economics classes.

and sold to investors being told the value of the coin will be able to sell at a higher value later. They then sell to the next ladder of investors, which are bought at a higher value.. The ladder/pyramid continues down the line... Ponzi scheme

What pyramid? Who's they? If you follow the market, it's blatantly obvious this is not how the exchanges work. Bitcoin was in the wild for YEARS before it really took off. Everyone had a fair opportunity to mine and get in on the action, but only a relative few did, because most dismissed Bitcoin or relegated it as a simple curiosity and nothing more.

I understand what bitcoins do but they are using a peer-to-peer money exchange and taking that electronically exchanged money to pretend it as a real currency.

The federal government of the United States of America has declared Bitcoin a real currency. It isn't pretend just because it's digital and not paper-based. Wrap your brain around this now. Some people have difficulty grasping paradigm shifts like this, but you need to do it. It's good for you. Also know that most USD exists only electronically; this isn't even an entirely new concept in that regard.

What if the whole market panics and people decided to cash out? Where is the money going to come from? There is no value to the coin, no government backing, it has no secondary value. No bank in the world would take that currency and exchange you into fiat currency.

If the market panics and people cash out, the price will crash, and if it crashes bad enough, it may be unrecoverable. This is a real possibility, I won't deny that, however this has nothing to do with ponzi schemes and everything to do with a highly volatile market that's still in its infancy. You can bet your ass that if Bitcoin survives to be widespread and implemented in major retailers, it's value is going to go up and stay there.

I only see this as a short term investment because of the popularity of it. There are still new investors buying into this so it will hold value or increase but at present it is close to its cap. I dont see it being accepted as real currency until somehow the cryptographic is worth some kind of value.

It is what I would consider a good short term investment and a long term investment. High risk of course, but really worth it in my eyes. As I mentioned before, it's already been accepted as a real currency, and already has "some kind of value." Once cryptocurrencies are more easily exchanged in the general economy, their prices will stabilize.

[zerodameaon]

Originally Posted by PeaceOnesxWai

I dont see it being accepted as real currency until somehow the cryptographic is worth some kind of value.

So you mean like Namecoin already is and possibly Primecoin in the future?

[Zilmatic]

Originally Posted by Black R

OP, post up how you mined for bitcoins!

IMO, it's useful to pay for goods anon...

I never mined for bitcoins but I really regret not listening to my good friend who was into it a few years ago...

Originally Posted by zerodameaon

At what point did you buy LTC? it seems like you bought it when it was on the rise.

I bought it when it hit 12, god damn account verification took so long.

[PeaceOnesxWai]

bitcoins r cool

[Black R]

There are plenty of retailers accepting bitcoins, and more are implementing it every day.

It sure as hell sounds like currency to me.

[zerodameaon]

Originally Posted by PeaceOnesxWai

With real currencies you can purchase things with it, behind the bill its commodity is gold. Are you seriously saying gold does not hold value, because the whole world will value in exchange for gold.

So your saying real currency is backed by gold, well then the US dollar is not a good argument for saying what currency is.
FRB: Is U.S. currency still backed by gold?

[kingkilburn]

What he's saying is he doesn't know at least half the shit he claims to know.

[kingkilburn]

And a currency is literally whatever you want it to be. Right up until the beginning of modern Japan they used rice as currency. We happen to have used gold, silver, nickel and such because those are things we held universally valuable.

[zerodameaon]

Look at parts of Alaska and many other countries. They buy stuff with cows, cows are not backed by gold.

[stevenrapids]

You all are taking what he is saying way too literal. Until you can use it as a currency to purchase the necessities of your everyday life in our society, it is simply a form of currency best used for investment, such as gold.