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  • EADD Moderators: axe battler | Pissed_and_messed

Bitcoins

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This is ridiculous 160 when I bought mine last week. Sold what I had leftover to a mate yest when they were £250, now they're down to £199. I've .15 coins or something stupid left duno whether to just spend it quickly before they drop any further and when is a good day to buy more and try and play the market a bit aswell. But then I think it's safer to just put the money on the day you intend to spend it and do it quickly.
 
Righto im looking into this malarkey. Need some bit coins for some shit I quite fancy. So EADD chums can you answer the following questions

Im thinking 1st thing is to get a wallet. What is everyone using for their bit coin wallet?

I have seen a site saying you can pay for bitcoins using a prepaid credcit card. So Can these be anonymous IE can i co to the post office and throw £100 cash on a card and then use to buy my bitcoins?

Im sure i'll have more questions.

Cheers

Swedge
 
Wont be buying for a few weeks once I ve seen whats happening with the fluctuating value. Only really interested in buying on the day......

Is it possible to buy bit coins, order and pay for goods all within a short time frame? Id hate to have to b hanging about for days with the huge variation coin vales in a few days. It like to do my purchases SAS style....quick IN quick out
 
I use localbitcoins to buy the BTC, and it usually takes about half an hour to transfer from there to the wallet on the black market site. You don't need a wallet on your computer for that. Its worth buying slightly more coin than you need in case of fluctuations or hidden costs (I always forget to check vendors' postage costs for example). Anything left over can sit in your wallet on the black market site until your next purchase then.

Another thing to consider is whether you want to use a bitcoin tumbler like bitcoinfog, since it's come to light that the SR tumbler was pretty ineffective and the other markets' tumblers (if they even have one) should probably be considered the same too. Transferring bitcoins leaves a massive paper trail, making all the effort to use TOR a bit pointless. Using another tumbler will add a load of time (and some fees) to the transfer.
 
I'm used to small fluctiations but its going up and down by £20-£50 an hour, mad.

hx_ said:
https://en.bitcoin.it/wiki/Paper_wallet

Vanitygen GUI is good, you can make the first few characters of the pubkey whatever you want.
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That makes my head hurt, aint there one i can just stick onto a d/led wallet on a usb with 2000btc and hide it out in the woods, being safe from all possible scenarios like if the wallet hoster decides to steal everyones btc in their wallet.. it wouldnt work cause its not connected to the network whilst buried in the woods right? But then what would happen when i dug it up 30 years later?
 
Swedeger77 - local bitcoins is the best site price/speed wise pay by bank transfer usually have them in minutes.

I'm just debating whether to spend the remaining coins I have now incase the market drops anymore or hope for the best keep them til I actually need something.
 
Dr_Robotnik said:
Swedeger77 - local bitcoins is the best site price/speed wise pay by bank transfer usually have them in minutes.

I'm just debating whether to spend the remaining coins I have now incase the market drops anymore or hope for the best keep them til I actually need something.
Click to expand...

Does paying with Bank Transfer not leave a trail whereas cash on a pre-paid card would not?

Im looking for maximum stealth
 
Your not paying it to a site though your paying it to an individuals bank account, local bitcoins is just the third party, where sellers and buyers are introduced to one and other local bitcoins takes your money and seller gets paid when coins are released to your wallet.

I don't see how paying by pre paid card makes it anymore stealthy really.
 
ColourfulKronos said:
I'm used to small fluctiations but its going up and down by £20-£50 an hour, mad.



That makes my head hurt, aint there one i can just stick onto a d/led wallet on a usb with 2000btc and hide it out in the woods, being safe from all possible scenarios like if the wallet hoster decides to steal everyones btc in their wallet.. it wouldnt work cause its not connected to the network whilst buried in the woods right? But then what would happen when i dug it up 30 years later?
Click to expand...


Yeah if you get Bitcoin-QT you can save your wallet.dat file anywhere you like.

Or if just use vanitygen or any standard bitcoin address generator, send coins to the public address; when you want to spend it simply 'sweep' the private key into a blockchain wallet.

If you generate your own addresses and keep the private key safe you have complete control over your money. The basic wallet, bitcoin-qt is pretty safe and stores all your privkeys, address book and transation history in an easily encrypted file. The downside is you have to download the blockchain (ledger of every bitcoin transaction ever) which will take a week or so and eat up 8GB of your hard disk.

Online wallets are running this and using their own code to validate who has the rights to what money, which is where the vulnerability is, that and the admin running away with all the funds and claiming hackers took it (see bitlocker)
 
Saw on the news yesterday that someone had managed to steal a million pounds of Bitcoins over the internet,think it was in USA.
I guess if you have the know how to get away with it then its safer than old fashioned bank robbery.
 
maxalfie said:
Saw on the news yesterday that someone had managed to steal a million pounds of Bitcoins over the internet,think it was in USA.
I guess if you have the know how to get away with it then its safer than old fashioned bank robbery.
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Australia actually I think, but the owner of the website is refusing to go to the police because they 'won't be able to help'. TradeFortress this is. Seems like an inside job tbh, wouldn't be the first time something like that has happened! Don't use 'webwallets' for any coins you can't afford to loose.
 
hx_ said:
Australia actually I think, but the owner of the website is refusing to go to the police because they 'won't be able to help'. TradeFortress this is. Seems like an inside job tbh, wouldn't be the first time something like that has happened! Don't use 'webwallets' for any coins you can't afford to loose.
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Yeah in the early days when one of the bitcoin websites got hacked the currency basically plummeted to being worthless, if someone could take down mtgox I think it would like decrease by 3/4, or however much of the market share they actually hold, I am unsure,
 
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Mendo_K said:
Yeah in the early days when one of the bitcoin websites got hacked the currency basically plummeted to being worthless, if someone could take down mtgox I think it would like decrease by 3/4, or however much of the market share they actually hold, I am unsure,
Click to expand...

A lot less now that BTCchina has taken over as 'worlds highest volume exchange'.

MTgox price is artificially inflated anyway cause its so hard to get dollars out, people just give in and buy BTC to transfer out.
 
What do you mean they buy bitcoin to transfer out? Don't they already have bitcoin? If not, what do they use to buy bitcoins?
 
If it reaches new highs this week (dunno about the whole past, so I say new loosely) then drops at the weekend by 50quid or more again by sunday. Might be worth buying up some then and selling mid week when they regain value. Risk being the time you choose to do that is the time the market crashes.
 
^ I pretty much did this the other week, I think I bought on a Monday waited til the week after on the weds and sold what I had left. In that time they'd gone from £160-£250 per coin.

What I am wondering is should I buy coins today for an order on Thursday, in the hope that the coins will be worth more towards Thursday? Considering your average person is probably wanting the coins to be done and something to be on it's way for the weekend.. Although the thought of it seems like more risk than it's worth. I'll probably just wait.
 
This strategic buying sounds a good idea ^

I bought my first BTC for £70 each back in July/August and left them in a wallet while I researched how to use Tor/encryption/deep web etc properly. I'm not a natural with these things and didn't wanna be bait for a scammer... soon as I was all read up, SR went and got itself merked :X

I happened to check BTC prices that day the Chinese started buying shitloads of 'em and instantly sold them for £150 each.. Wish I'd waited a bit longer now they're worth up to £250 !!

Still, made a bit of money , albeit accidentally :D
 
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