This year's best investment up 5250% ...

N1AK

We're also seeing another interesting issue that I admit I had never even thought of.

If I'm new to virtual currency then why would I choose BTC when I can choose another virtual currency where I can mine it for a far better return? Surely it's better for me to get in early on another pyramid rather than join the bottom of an older one?

Now you can argue that BTC is more established, can be used in more places etc but that's not a very compelling argument. Everyone accepting BTC is basically pricing based on the conversion to a real currency. Adding the API for lite coin or whatever and an exchange rate calculation is trivial.

If miners have the choice on mining BTC worth $0.5 per hour or N1AKoins worth $1 they'll take the higher value currency (even if they sell out most of them pdq).

dryhat

N1AK wrote: »

We're also seeing another interesting issue that I admit I had never even thought of.

If I'm new to virtual currency then why would I choose BTC when I can choose another virtual currency where I can mine it for a far better return? Surely it's better for me to get in early on another pyramid rather than join the bottom of an older one?

Now you can argue that BTC is more established, can be used in more places etc but that's not a very compelling argument. Everyone accepting BTC is basically pricing based on the conversion to a real currency. Adding the API for lite coin or whatever and an exchange rate calculation is trivial.

If miners have the choice on mining BTC worth $0.5 per hour or N1AKoins worth $1 they'll take the higher value currency (even if they sell out most of them pdq).

That is already happening and there are many other cryptocurrencies available to mine and buy.

Spending them is the problem though.

Widescale and growing merchant acceptance of Bitcoin and "first mover" advantage are the key factors in the popularity of Bitcoin over other currencies.

mayonnaise

dryhat wrote: »

3 weeks ago on this thread, I wrote a post suggesting that it was worth people with some spare money buying some Bitcoin. I was accused of spamming and the post was removed.

Anyone who followed my suggestion (and I had a few private messages asking for guidance) now has 4 times more than what they put in.

Well done to you people. You have outperformed every other single available investment on the planet by miles and there is still a lot of potential for further rises.

Hit the spam button, guys.

dryhat

Due to increasing prices, I have again had to change the title of this thread from

"this year's best investment up 1900%" to

"this year's best investment up 5250%"


I just can't keep up

:beer:

sabretoothtigger

N1AK wrote: »

If miners have the choice on mining BTC worth $0.5 per hour or N1AKoins worth $1 they'll take the higher value currency (even if they sell out most of them pdq).

Scales of economy. Its not the majority of people but the majority of processing power and they choose to focus on bitcoin. It might pay less but there is more business available per unit cost to them so its more profitable

Theres a website that shows market size for each coin. BTC is billions and the alt coins are sometimes only 50k or less.
So in size the large operations favour the bigger market.

There is a bias, BTC is actually easier to mine. Its possible to build specialist equipment, like a conveyor belt system.
The alt coins are mostly using computer graphic cards or bucket and shovels still so lots of people have these but they can do less transactions.

Does this make BTC superior and more efficient or more exploitable by big business, for now it seems to be helping

grey_gym_sock

dryhat wrote: »

Due to increasing prices, I have again had to change the title of this thread from

"this year's best investment up 1900%" to

"this year's best investment up 5250%"

you are shamelessly ramping bitcoin, in violation of forum rules. it's a pity, as there is also some decent discussion in this thread. and at this rate, the whole thread might get deleted.

dryhat

grey_gym_sock wrote: »

you are shamelessly ramping bitcoin, in violation of forum rules. it's a pity, as there is also some decent discussion in this thread. and at this rate, the whole thread might get deleted.

Sorry.

I'm just very happy about having made so much money in such a short time and it's gone to my head somewhat.

blinko

dryhat wrote: »

Sorry.

I'm just very happy about having made so much money in such a short time and it's gone to my head somewhat.

dryhat you have been told about this before, you need to get a better grip of your emotions and learn to be more financially disciplined.

Your constant ramping of bitcoin is annoying and rude, you did this over on the house price forum please stop!!!

dryhat

blinko wrote: »

dryhat you have been told about this before, you need to get a better grip of your emotions and learn to be more financially disciplined.

Your constant ramping of bitcoin is annoying and rude, you did this over on the house price forum please stop!!!

I haven't posted on here or any board for days.

so it's hardly constant.

jimjames

dryhat wrote: »

I haven't posted on here or any board for days.

so it's hardly constant.

Quadrupling in value in 3 weeks (if that is correct as per your previous post) is hardly the sign of a stable currency.

Other than speculation why would anyone want to hold such a currency that is so unstable?