Bitcoins

JeffEllis

businessinsider com introduction-to-litecoin-2013-11
Man now we got Litecoin on fire. Here is a piece of what I read.

I like the look of worldcoin to get in the bottom if we have missed bitcoin and litecoin.

They are all the same.

M.Johnson_2

dryhat wrote: »

Some people have talked about litecoins as silver to bitcoins gold.

And by that they mean that bitcoins will become too expensive for everyday use and be used as a long-term store of wealth instead.

Leaving litecoin for day to day transactions.

There are slight technical differences between them such as number of total coins and different algoritms and cryptographic methodology. (there are a couple of posters on here who could describe these technical differences better than me)

But the main advantage which is derived from these differences is faster transaction confirmation times (2 minutes compared to bitcoins 10)

There is no doubt that cryptocurrencies are the future of money and will at some point be what everyone uses.

The big question is which one and is it even around yet?

Yes thats the big question, which one.

I like worldcoins because I missed the boat with bitcoins and now litecoins has already gone up. I want to buy one that hasnt gone up yet.

Dom Frizby wrote a good bit abut are crypto currencies the new dotcom bubble?

"
But what about namecoin? Or novacoin? Or even quarkcoin?
Get with the coins, guys! Cryptocurrencies are the new dotcom.
The wild world of cryptocurrencies

Namecoin was up 120% yesterday. Not last year, or last month, but yesterday.
Novacoin? That was up 185%. Quarkcoin? 230%.
But the big mover, well, that was craftcoin. That was up 1,557.8%. In one day.
I doubt even the bloke who discovered Ghawar (the world’s largest oil field) saw daily gains like that."

http://moneyweek.com/bitcoin-and-cryptocurrencies-the-new-dotcom-stocks/

Alex92_2

LTC is where it's at , was $5 a coin last week, now $45. climbing so quickly. Shame it takes so long to buy them.

M.Johnson_2

Alex92 wrote: »

LTC is where it's at , was $5 a coin last week, now $45. climbing so quickly. Shame it takes so long to buy them.

I thought it was quicker than BTC?

I bought some worldcoin, it could be the next google (ie the only one to survive from the dotcom bubble) Or maybe the next google of crypto currencies has not been made yet. It takes about 3 days to make something like bitcoin and release it into the world.

Dom Frizby puts it better than me.

http://moneyweek.com/bitcoin-and-cryptocurrencies-the-new-dotcom-stocks/

And as the Atlas Pulse newsletter observes, whether it was gold in the ‘70s, Japan in the ‘80s or dotcom in the ‘90s, each bubble grew to a value equivalent to the entire S&P. You ask how big cryptocurrencies can go? The S&P is worth about $21 trillion. Cryptocurrencies are worth a total of about $11bn or $12bn – there’s a lot of upside.
But the problem cryptocurrencies must overcome is that, like the mining boom of the last decade, pump-and-dump is rife. Cryptocurrencies have become speculative assets. They’re supposed to be mediums of exchange.
Despite the bubble in automobiles, just three major car companies remain in the US. Companies like Google and Facebook came after the dotcom bust. AOL was the leader before. How influential is AOL now? Is bitcoin the next AOL? Does the Google of cryptocurrencies even exist yet?
“What are you going to do with your cryptocurrency profits?” I ask my friend.
“Buy gold.”
And he wasn’t joking. Funny how these things come full circle.

Nice_Weather_For_Ducks

Feel a bit sorry for this guy!!!

http://www.dailymail.co.uk/sciencetech/article-2514580/Bitcoins-worth-4m-hard-drive-thrown-Newport-landfill-accident.html

Alex92_2

M.Johnson wrote: »

I thought it was quicker than BTC?

Was referring to the verification process of it all.

As stupid as it may seem for someone in my position, i'm going to avoid all of the cryptocurrency investing. I dont like the idea of investing into something that is virtual and doesnt even exist. Least with property, gold, art etc you have something left over still.

!!!! will hit the fan when people realise that these will never ever become an actual 'currency' and it's only got it's value because of everyone and his dog thinking it is a 'get rich quick' scheme. It's far too volatile (at least at the moment) to ever be taken seriously or used properly. And if it plateau's, then it wont be worth investing in. I'm sure its only a matter of time before the Government regulate it.

That's my $0.02 anyway. I'd be looking at Namecoin rather than LTC/BTC anyway as it is still in the early stages.

M.Johnson_2

Why namecoin? All the unbacked crypto currencies are worth the same, why someone would pay more for bitcoin or litecoin is a mystery.

Wait until a full backed by some rare commodity digital currency appears, then I will want to get in early on that one. It can not go to nothing if it is bcked and redeamable by something tangible.

M.Johnson_2

Nice_Weather_For_Ducks wrote: »

Feel a bit sorry for this guy!!!

http://www.dailymail.co.uk/sciencetech/article-2514580/Bitcoins-worth-4m-hard-drive-thrown-Newport-landfill-accident.html

I thought bitcoins were virtual as long as you know your password you can sell them anywhere in the world?

Could someone explain how this works? I mean what if he didnt throw it away but the house burned down, would he still lose all his bitcoins?

grey_gym_sock

M.Johnson wrote: »

Wait until a full backed by some rare commodity digital currency appears, then I will want to get in early on that one. It can not go to nothing if it is bcked and redeamable by something tangible.

if it is backed by something tangible, it can't be a digital currency.

i don't quite understand the desire for something tangible. my idea of a sensible investment is something that generates an income, not something that just sits there.

but then bitcoin isn't an investment. it's either a wild speculation, or something useful - a medium of exchange with some real advantages over the alternatives.

[Deleted User]

M.Johnson wrote: »

I thought bitcoins were virtual as long as you know your password you can sell them anywhere in the world?

Could someone explain how this works? I mean what if he didnt throw it away but the house burned down, would he still lose all his bitcoins?

The coins still exist in the blockchain, but he no longer has access to them because he lost the wallet file. Think of it like a safe, he may know that the combination to his safe is 123456 but if his safe is in the middle of a landfill site with no chance of finding it then the combination is worthless. The "digital wallet" thing is literal, if you lose your wallet then you're done, your coins are gone forever.

Personally I think this will be one of the biggest barriers to the success of Bitcoin and why if it's going to succeed it will need companies like PayPal and banks to get involved. If someone involved in I.T can't keep hold of their wallet how can someone with no understanding of computers be expected to safely control their own bitcoins?

You absolutely need backups of your wallet and private keys to securely store bitcoins.