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  • EADD Moderators: Pissed_and_messed | Shinji Ikari

Bitcoins

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Probably just about pay for the investigation + bonuses.

DPRs money is still intact, they cant get into his encrypted wallet... all the money seized was vendors/buyers money left in there personel wallets.
 
36,000 just moved from "DPRs" wallet to an unknown wallet, maybe his laywer is pretty expensive??

So like.. 4320,000£... pittance !!
 
The price of these things is rising fast, I noted £118 in the week, I'm sure they were £7 at the start ???

They are gaining acceptance in more conventional circles, recently in the US they piloted 2 Bitcoin ATMs.

I was also reading about the massive trade in Bitcoin Mining hardware, has many parallels to the original gold rush.
 
Ahh OK, I read an article that was talking about the fact that there are ever diminishing returns and that in general it was the specialist hardware vendors that were making the money, investors are poring in cash.

In the gold rush it was much the same it was those selling spades and such that really made the money and only then lucky early few that made any real return.

Bitcoin is really causing a stir in the electronics payments industry and the fall of that site seems to have given it an extra boost.
 
Allein said:
The price of these things is rising fast, I noted £118 in the week, I'm sure they were £7 at the start ???
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No they were £80 at the start of the week. Oh, unless you mean the 'start' a few years ago. I think they were $1 then. Anyway, last week up to £120 and then bounced down a tenner yesterday.
 
StoneHappyMonday said:
No they were £80 at the start of the week. Oh, unless you mean the 'start' a few years ago. I think they were $1 then. Anyway, last week up to £120 and then bounced down a tenner yesterday.
Click to expand...
The start? First purchase with BTC was a Dominos Pizza order on credit card for someone. £20 pizza, 20,000 BTC. THe original price was therefore £0.001!

Or a few days per 50BTC on a Celeron 773 if you started mining early.
 
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made 80 percent returns on a fluke of a refund .... "wait i have double the money i did last time? ? cool!"
 
Sell em on bittylicious or whatever, or if you havnt got many and dont want to leave a trace localbitcoins/on here/whatever. Speaking of which has anyone got 0.1btc they can sell me?
 
http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home

Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
Bought in 2009, currency's rise in value saw small investment turn into enough to buy an apartment in a wealthy area of Oslo

05fa6b0c-2170-4612-9b15-3dcfaf9ff36f-460x276.jpeg

Norwegian man discovers $27 bitcoin investment now worth more than enough to buy an apartment. Photograph: George Frey/Getty Images
The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man’s $27 investment turned into a forgotten $886,000 windfall.

Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.

Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise:

"It said I had 5,000 bitcoins in there. Measuring that in today's rates it's about NOK5m ($886,000)," Koch told NRK.

Silk Road fluctuations

In April 2013, the value of bitcoin peaked at $266 before crashing to a low of $50 soon after. Since then, bitcoin has seen large fluctuations in its value, most recently following the seizure of online drugs marketplace Silk Road, plummeting before jumping $30 in one day to a high of $197 in October.

Koch exchanged one fifth of his 5,000 bitcoins, generating enough kroner to buy an apartment in Toyen, one of the Norwegian capital’s wealthier areas.

Two ways to acquire bitcoins

Typically bitcoins are bought using traditional currency from a bitcoin "exchanger", although due to strict anti-money laundering controls, the process can can be tricky. A user can then withdraw those bitcoins by sending them back to an exchanger like Mt Gox, the best known bitcoin exchange, in return for cash.

However, bitcoin is gaining more and more traction within the physical world too. It is now possible to actually spend bitcoins without exchanging them for traditional currency first in a few British pubs, including the Pembury Tavern in Hackney, London, for instance. On 29 October, the world's first bitcoin ATM also went online in Vancouver, Canada, which scans a user's palm before letting them buy or sell bitcoins for cash.

A small group of hardcore users also generate extra bitcoins by "mining" for them – a process that requires computers to perform the calculations needed to make the digital currency work, in exchange for a share of the built-in inflation.

Mining is a time-consuming and expensive endeavour due to the way the currency is designed. Each subsequent bitcoin mined is more complex than the previous one, requiring more computational time and therefore investment through the electricity and computer hardware required.
Click to expand...
 
Allein said:
In the gold rush it was much the same it was those selling spades and such that really made the money and only then lucky early few that made any real return.

.
Click to expand...

that's Mt Gox, except there is no gold just a bunch of numbers. we as consumers are the real gold, Bitcoin is just a way to get everyone on the same page.

it's going to crash again, and then probably rise back up again. I'm telling you guys, it's a full out printing press for the exchange operators. They can manipulate the price by buying and selling their own stash and everyone else is just along for the ride. Some people are having a great time on it, others are throwing up on the guy in front of them. It all depends on how much you are willing to risk and timing more than anything.

Litecoin just chilling at 2 dollars right now, not even worried about the ltc/btc price that will balance out when btc comes back down

services not algorithm, SR going down caused a spike short term because a lot of people lost coins and thus had to buy more. It will balance out

all of this is my opinion as I don't work for an exchange and anyone who doesn't and tries to claim their speculation as fact is just a cunt
 
Bitcoin price: $205.59 !! 8o

Err, i think I'll be staying away for a long time if things continue like this. But fuck they were a hundred dollars cheaper last week, could have made a few hundred £. Its such a gamble though.

Todays price must be an all time high :?

My three wishes; the abilty to time travel, the abilty to freeze time, the abilty to be invisible.
 
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