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Bitcoins

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Ben So Furry said:
Very true.

I want to buy £70 of goods. 1btc is currently worth around that (£70). Everywhere I can purchase bitcoins for are charging up to £10 above the value of the btc on top.

I bet the folk who receive my btc in exchange for said goods can't get the monetary value of the btc back off it because of fees going to the same people who sold me the btc in the first place.
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mtgox is going through quite a bit of legal trouble, believe that. I think whoever is running that joint had a huge enterprise fall into their lap and weren't prepared for it at all. If they don't add support for other coins they are a sinking ship, too many people are moving away from btc but at the same time a lot of newer people buying them are coming into the fold and for whatever reason, most of them wind up on MtGox. Probably because that is who BitInstant works with.

but as both of those websites shit the bed, more individualistic methods of acquiring them are popping up. People selling btc for pre-paid cards, bank deposits via local bitcoins, face to face meetings (just do it in a public place, or wind up getting ski masked), its all being used to circumvent the big exchanges. But for every person walking away from them, there's 2 signing up and a lot of them dont even intend to buy anything with the coins, its just a way to make a few quick bucks with the currency they put into at the start. That is such an unsustainable economy, and when you throw in the fact that there is no regulations, I see a lot of people getting fucked over eventually when the actual movers and shakers decide to cash out for good. Probably will take some legal action against them for that to happen but jesus christ it is going to be fun to watch
 
it doesnt change the fact that without the people mining them none of this is possible and while ASICs might seem like a good idea on paper, when you buy a device only capable of mining a solitary coin, you are screwed if that coin no longer becomes valuable to mine. Thats why GPU mining will never go away, mostly because GPUs actually have a purpose other than mining and are a billion dollar industry regardless of cryptocurrencies. AMD should be thanking God for bitcoin though, although Id be surprised if nVidia didnt catch up soon in that regard
 
Say if Bitcoins suddenly dropped in value to £50 or below. Who would buy some as an investment, banking on the value shooting back up again ?

Ive tried a simillar thing with shares, bank shares of all things, and got my hands badly burnt. At one point they were worth over £20 each, when they plunged to about £2 i thought buy, buy, buy. They continued plunging, and are only worth pennies now. I'll have a very long wait on my hands just to get back what i put in. :sus:
 
Anyone mining any altcoins? ive done litecoin now its too difficult to make anything unless the price spikes, as its said to be just a younger bitcoin and then theres loads of others which are worth not much now but whos to say within a while they may be worth something.
 
mydrugbuddy said:
Say if Bitcoins suddenly dropped in value to £50 or below. Who would buy some as an investment, banking on the value shooting back up again ?
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someone who knows they can manipulate the price back to over £100, and people will still purchase them anyway because the goods they want are pegged to USD (or w/e local currency)

aka

the people running the exchanges

/tinfoil off, but it makes sense to me

they are more or less printing money, and are solely able to do it because people want drugs, not because some nerd opened up a web store taking btc or some douchey bar in NYC accepts Btc. It's all a front of legitimacy

jamesc81 said:
Anyone mining any altcoins? ive done litecoin now its too difficult to make anything unless the price spikes, as its said to be just a younger bitcoin and then theres loads of others which are worth not much now but whos to say within a while they may be worth something.
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there's only about 85439748585987932890 (carry the two... right?) different coins to choose from now so gl finding one that might replicate Bitcoins ROI

I think my face is straight Burple right now but the coins don't mean shit, it's the services behind them. Btc has "that website", that's that.

The only other website similiar to it with different coins uses Litecoin, but also uses Bitcoin as well and no one really uses litecoin because everyone is waiting on some annoying ass speculation over whether or not Mt Gox will add support for it. Again, fuck Mt Gox and fuck this whole economy shit makes me so annoyed at how gullible people are. im also a cynical fuck but at the same time when you are dealing with potentially large sums of money all without regulation and anonymously, how the hell can you not be?

basically you can either be on my side of the fence (everything is a scam) or on the idealist side (bitcoin is the future)

there's really no middle ground, and while Bitcoin might seem like a good ideal on paper, so does Communism

but greed destroys all good ideals, Bitcoin is no different

and at the end of the day, I'd place my chips on the Feds power over some loose collection of anonymous individuals trying to challenge them with no legal backing
 
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I only buy when it dips to £50ish quid, it's served me quite well but I did originally buy 5BTC for $20, gambled 4 of them and forgot about it for 2 years. Sold for $255 rebought 3 for $67 each after the crash, cashed some out at over $100 and bought more back at $87. The only thing I've bought with them is a couple of solid gold coins, 2 graphics cards and the steam humble bundle for the equivalent of $2.

Mt Gox may have manipulated the price in the past but now that the USAs regulatory bodies are interested and subpoenaing everyone all the exchanges are going to have to be legitimate or shut down. Also, for the owners to manipulate the price the exchanges would have to have lots of money to throw away to arbitraging bots making a profit off differing prices between exchanges.

As for mining:

Mine Litecoin, convert to BTC and end up with triple the BTC, compared to mining BTC directly.

http://coinchoose.com/ is good for checking profitability of coins, although the less well heard of ones rarely stay highly profitable for long, look at the 7day average or graphs at the bottom to get a true idea. I stick to litecoin and the occasional day once a week of something that seems low on exchanges, takes 20 mins to decide and change, 30 seconds to change back after. Export from pool to an exchange straight away, set sell order at the same price as the last small peak or slightly lower depending on how impatient you are.

Also you need a pool if you want a payout whilst you're alive unless you have many thousands of pounds worth of hardware.

Free electric is nice, if you have free power and a spare PCI-E slot or two get some 5830/5850/5970 cards off ebay and pay no more than what you expect them to mine in 3/4 months. Make sure you have a powerful enough power supply though. I got two 5830s for £75 after breaking my 7970 and getting a full refund, bought these cards with a small amount of the LTC mined by the 7970 and have an almost equivalent hashrate now that I'm using my overclocked 4GHz i3 CPU too. I have had to shove an extra power supply into the case to power it all though!

Running it with the case upside down cause I took off the original fan on each card off and replaced each with two glue gunned on. Much quieter and cooler overclocked silly. With the PC the right way up the heatsinks get hot enough to melt the glue and the fans fall off though! Better airflow upsidedown anyway.

If you have an AMD graphics card and cheap/fixed electric: http://litecoin.info/Mining_Hardware_Comparison for settings and expected hashrates, plug that into a litecoin mining calculator, get cgminer, find a pool and away you go.
 
I'm kinda confused to how it all works, £90 per on bittylicious now, would i be better off waiting until they've gone down again before buying? prices on SR seem to fluctuate v mildly, getting slightly more expensive when bitcoins do (or it might just be me), if i waiting until the pice was much lower and bought a few coins, would i be getting more for my money if i spent it on one of those sites when the btc price had gone back up?

It seems relatively simple but i cant quite get my head round it

edit: wheres the best place to buy litecoins? might aswel buy a few while they're cheap and hope they blow up, long shot but you never know
 
im not sure how much the price of the products varies inline with bitcoin price rises and falls. But i think it is relatively simple like you say, and best to buy the coins as cheap as you can. Only problem is if you buy them dead cheap and then they get a sudden price spike you might wanna take advantage of that and just get your cash back for the profit youve made, but some sites like bitstamp seem reluctant as fuck to give you your cash back when the coins are on a high spike. They use every delaying tactic ever heard of and then some.
 
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Sound cheers for the explanations, if anyones willing to sell me a bitcoin give me a pm :)
 
parttime crackhead said:
The prices should be pegged to the exchange rate, so it really doesn't matter as long as you spend them straight away.
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^^^

Buy your coins only when you need to purchase. I clean my account out every time. Product is pegged to rate as CH said. No biggie. Sometimes you beat them by a tiny bit and get the odd £1 or 2 knocked off from experience.
 
I've never really seen gear getting more expensive when you tally it up to the bitcoin per product ratio. I always hear people complaining about the price getting ridiculous but it doesn't really make any difference from experience. Unless your in it for the money and mining or whatever the fuck that is.

I go to local bitcoins... suss out exactly what I need plus a wee bit extra to be on the safe side and purchase me goods. I NEVER have anything left in my account.
 
There are others though innit. Mind you my advice on such matters is worth exactly fuck all as I've only ever looked and never purchased.
 
So thats the seller side, as a buyer if you had 1btc in your account and they were worth £2 each, massive inflation and next week they're worth 200 each, i take it you're v lucky and now have got a lot more value in your account?
They dont peg your balance to it do they? Naah that wouldnt make sense, i get it now :)

I like many others was half considering buying a few bitcoins when they first started out but i always thought i can get real drugs irl and theyl never really take off.. :(
 
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