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  • EADD Moderators: Pissed_and_messed | Shinji Ikari

Bitcoins

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shimazu said:
that's the million dollar question. In my PERSONAL opinion: they are already working in limited numbers while the people who have designed them "test run" the hardware aka mine a ton of coins. Some companies seem more shady than others, like I wouldnt go near Butterfly Labs at all.

If they are actually going to sell as many as have been preordered ("they" being the collective suppliers) then bitcoin is totally fucked IMO. Difficulty is going to be insane and everyone will be pissed off they just got sheisted into buying hardware to mine a currency on the decline.

As one currency declines another will rise as people look for the next thing. What that "next thing" is going to be is up in the air right now but if I knew what the hell you could spend Novacoins on I'd be a bit more unsettled over my decisions.
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It's exactly what is happening. Basically as I think I said in this thread earlier, if you've missed the boat with bitcoin mining (which sailed many months/year ago) then it's pretty much pointless and as even the hours go on in a day it becomes more pointless.

The same way LiteCoin etc and alternatives in my opinion wont be like bitcoin in this case, its comparable to if there was a trick available lots of people researched and took advantage. Chances are with these types of things if you find out about them from forums or media unless it's some secret gambling forum then the trick or maximum profit to be gained is really reduced massively compared to if you discovered yourself. Bitcoin will have affected LiteCoin in this way, it's only starting to take off a bit more now after all this fiasco and it's just full of people attempting to do the same, counter-acting what they are trying to do.

The only way I could see bitcoin mining being useful now to average (and suppose it isn't average with the cash involved) is if you had a serious amount of cash to build your own mining pool to make your own bitcoin, use those bitcoins to buy something and then sell it for a higher price.

Bitcoin is looking to stay for another while at least though, anyone see about Liberty Reserve? It's a virtual currency basically and comparable to bitcoin in a number of ways except for LR is centralized and bitcoin isn't. With Liberty Reserve the servers were seized and owner arrested (for money laundering would you believe?!) and anyone who happened to have any LR 'currency' at that time onwards is now significantly poorer as they wont be getting it back. With bitcoin this cannot happen in such a simple way. That alongside the MtGox issues makes me wonder if there is some form of crackdown occurring with the US/world and virtual currencies.
 
hahaha. Well if the asics are actually in use then it's game over for mining on your own power and hardware.
 
it depends on your expectations and what you invested to get started

if you look at it more as a hobby with some kickbacks and not as a sole source of income you would understand why people do it.

It's a pity I'm still not quite sure how illegal all this is or I'd go into further detail
 
mydrugbuddy said:
It's not illegal in the slightest to own or sell or discuss bitcoins.
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yeah but what I was about to get into is most certainly against the law.

The more I think about bitcoin the more I hope it crashes and burns. So many smug people who think they know exactly what they talking about. Not saying you guys, just like on other forums and the like. I guess it makes me mad because I'm like that too but I actually think what I'm saying is objective and not fueled by bias. Granted, I have a slight bias to litecoin but mostly because I see Bitcoin all over but in a time of increasing scrutiny on bitcoin. Whether people realize it or not, the seeds of prosperity have already been sown.

Theyre acting like the coin is popular because of its fucking algorithm

Like yo, its because of drugs, that's it.

People buy bitcoins to buy drugs and people invest in bitcoins because they think the number of people buying drugs will increase (pretty solid bet, well throughout history really)

All this clearnet bitcoin business reminds me of my favorite head shop, who happen to sell wicker furniture as well as smoking supplies. It's just a front of legitimacy, but bitcoin will never be a part of everyday society because:

-it's too annoying to acquire
-most people do not understand the nature of how cryptocurrencies work(and don't care)
-anonymous is good for some things yet completely unnecessary in most transactions
-confirm time is too long to be viable in physical retail stores (What are you going to do wait for an hour at the cash register?)
-Tax issues

I mean I guess you could have like a bitcoin credit card to erase the confirm issue, but with the volatility and general anonymity of bitcoins I dont see how you could run a business for that without asking a large amount of personal information, which goes against the whole point of the coins in the fast place.

And just for the record, Litecoin transfers in about 1/3rd the time of Bitcoins if not slightly faster.

Process is still the same:

Buy coins -> send to website-> buy drugs

If the letters bit are removed you would think I was talking about bitcoins.

Oh yeah, theyre just letters, it doesnt mean jack shit besides what a bunch of early adoptors want you to believe. Look at it objectively and you see why litecoin is an improvement and not as obvious of a stock being controlled by a few puppet masters at the top

Even if every person who reads this thinks I am completely wrong, there's no such thing as bad exposure, just ask "that website"
 
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shimazu said:
...So many smug people who think they know exactly what they talking about.... Whether people realize it or not, the seeds of prosperity have already been sown.

Theyre acting like the coin is popular because of its fucking algorithm

Like yo, its because of drugs, that's it.

People buy bitcoins to buy drugs and people invest in bitcoins because they think the number of people buying drugs will increase (pretty solid bet, well throughout history really)

...It's just a front of legitimacy, but bitcoin will never be a part of everyday society because:

-it's too annoying to acquire
-most people do not understand the nature of how cryptocurrencies work(and don't care)
-anonymous is good for some things yet completely unnecessary in most transactions
-confirm time is too long to be viable in physical retail stores (What are you going to do wait for an hour at the cash register?)
-Tax issues

I mean I guess you could have like a bitcoin credit card to erase the confirm issue, but with the volatility and general anonymity of bitcoins I dont see how you could run a business for that without asking a large amount of personal information, which goes against the whole point of the coins in the fast place.
...
Process is still the same:

Buy coins -> send to website-> buy drugs

...there's no such thing as bad exposure, just ask "that website"
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Excellent post Shimanzu, those points above especially you are absolutely bang on with. I've not looked into Litecoins so much so I don't know much about them, I know of them ofcourse. Bitcoin is indeed definately manipulated by a few groups at the top though.
 
Dr_Robotnik said:
Excellent post Shimanzu, those points above especially you are absolutely bang on with. I've not looked into Litecoins so much so I don't know much about them, I know of them ofcourse. Bitcoin is indeed definately manipulated by a few groups at the top though.
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that's the issue I have though. everything I feel about how Bitcoin is just a name and all that, I know in the back of my mind also applies to Litecoin.

its all a matter of having patience and figuring out just how much of a reward are you comfortable with cashing out with. Only, as I said previously, cashing out is the lazy way of doing it. Why have middlemen get involved when you can be the middleman? if that makes sense to anyone.
 
wanker.gif
 
question for yee guys. I am looking to get rent allowance so I have to give my community welfare officer a years worth of bank statements. on these statements I have international payments to bitstamp. if im asked how do explain international payments to bitstamp as something that sounds legitimate. I know its not illegal to buy bitcoins but I have no explanation for were they went. any help on this matter would be appreciated.
 
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