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    • mr_fishbulb
    • By mr_fishbulb 8th Sep 11, 4:32 PM
    • 5,064 Posts
    • 2,815 Thanks
    mr_fishbulb
    • #2
    • 8th Sep 11, 4:32 PM
    • #2
    • 8th Sep 11, 4:32 PM
    Massive value drop recently.

    US senators describing it as a threat to the US economy.

    Security concerns
    - MTGOX recently had to suspend their market after a massive sell-off of stolen bitcoins.
    - Lots of bitcoin mining trojans are around.
    - Your account can be compromised and your bitcoins stolen (anonymously).

    This is how the price has varied in the last 6 months. Very volatile! http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgMzm1g10zm2g25

    No thanks
    • Reaper
    • By Reaper 8th Sep 11, 5:10 PM
    • 6,267 Posts
    • 4,516 Thanks
    Reaper
    • #3
    • 8th Sep 11, 5:10 PM
    • #3
    • 8th Sep 11, 5:10 PM
    For a currency to have value people must have confidence in it, and recent events have undermined that.

    You could try mining as that is at least (almost) free but parting with cash sounds like a poor gamble to me.
  • notatroll
    • #4
    • 8th Sep 11, 5:22 PM
    • #4
    • 8th Sep 11, 5:22 PM
    Massive value drop recently.

    US senators describing it as a threat to the US economy.

    Security concerns
    - MTGOX recently had to suspend their market after a massive sell-off of stolen bitcoins.
    - Lots of bitcoin mining trojans are around.
    - Your account can be compromised and your bitcoins stolen (anonymously).

    This is how the price has varied in the last 6 months. Very volatile! http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgMzm1g10zm2g25

    No thanks
    Originally posted by mr_fishbulb
    Thanks for a prompt reply.

    Well, there are always enough plonkers around to have their staff stolen while using a PC. And all stealing is anonymous (most of the time). Diallers then/miners now – little difference overall. That should improve with time somewhat.

    Bubble discussion out of the point - none of the clones had picked up despite reasonable investments from the speculators/GRQ crowd. Considering Bitcoin as the only proper incarnation of a crypto-currency idea to date it looks that (regardless of what any government may say) it will surely survive.

    The use of it is another matter. I am a bit concerned that it is indeed may be destined for so called ‘black market’ hence my earlier question.
  • notatroll
    • #5
    • 8th Sep 11, 5:29 PM
    • #5
    • 8th Sep 11, 5:29 PM
    For a currency to have value people must have confidence in it, and recent events have undermined that.

    You could try mining as that is at least (almost) free but parting with cash sounds like a poor gamble to me.
    Originally posted by Reaper
    Yes, ‘the currency’ aspect of it is shady, how does it affect the investment?

    I’ve looked into ‘mining’ - gains for costs/investment aren't too great due to electricity costs. Unless i’m missing something.
    Last edited by notatroll; 08-09-2011 at 5:32 PM. Reason: meant 'aren't'
    • mr_fishbulb
    • By mr_fishbulb 9th Sep 11, 9:21 AM
    • 5,064 Posts
    • 2,815 Thanks
    mr_fishbulb
    • #6
    • 9th Sep 11, 9:21 AM
    • #6
    • 9th Sep 11, 9:21 AM
    [SIZE=3][FONT=Calibri]I’ve looked into ‘mining’ - gains for costs/investment aren't too great due to electricity costs. Unless i’m missing something.
    Originally posted by notatroll
    Yeah as the number of bitcoins in existence increases, generation of new ones is less frequent. There will only be a limited number of bitcoins as as that approaches then the use of energy solving the computational problems will be more than what you can make.

    It used to be that you could buy a high spec machine with multiple GPUs (processors on graphics cards) and make your money back from mining very swiftly. As you say, I don't think that's the case any more.

    I like the idea and thought of buying 500-1k coins (mostly for excitement).
    1 thousand bitcoins is close to £4.5K. It's a lot of money to put up for excitement.

    With prices as low as they are now and use picking up (in the US at least) plus all media attention – what is your opinion?
    It's dangerous to think of the "price" as being "low" because that suggests you are getting a bargain (i.e. paying lass than the value of the product). The prices are low because that is what people are prepared to pay for them.
  • BobbyBaggins
    • #7
    • 25th Aug 12, 12:58 PM
    • #7
    • 25th Aug 12, 12:58 PM
    BITCOIN is definately on the way back up. The main PONZI is just collapsing and that dropped the prcie from £9.5 per BTC down to £6, but it is slowly gaining ground and is back up around £6.5.
    • BargainGalore
    • By BargainGalore 25th Aug 12, 1:23 PM
    • 3,185 Posts
    • 2,768 Thanks
    BargainGalore
    • #8
    • 25th Aug 12, 1:23 PM
    • #8
    • 25th Aug 12, 1:23 PM
    Cant post referrals on here BobbyBaggins
  • BobbyBaggins
    • #9
    • 26th Aug 12, 10:20 AM
    • #9
    • 26th Aug 12, 10:20 AM
    Apologies. I have moved them to the referal board.
    • dealer wins
    • By dealer wins 26th Aug 12, 12:25 PM
    • 5,801 Posts
    • 11,068 Thanks
    dealer wins
    Investing in a virtual currency has got to be as stupid as paying a $500 release fee to a Nigerian with $5Million to send you.
    Choose life
  • BobbyBaggins
    That depends. Ive never made any money from a Nigerian offer to release funds for me. However, I am making several pounds a day from Bitcoin. If you do a bit of research yourself you will see its a growing currency which is currently worth over $100 million. I do agree that it would be foolish to invest heavily, but there is a lot of money to be made in bitcoin and most will be made in the early days.

    At the moment it is mainly a web based concern but there are multinational exchanges, many companies (mainly involved in computing) that accept it etc etc.

    Bitcoin or a similar crypto currency, has a bright future!
  • BettySpofkins
    Several pounds a day to spend on what, Bobster? It's not worth a penny unless you can spend it, and unless you're trying to buy illegal drugs online, I don't think you'll have much luck.

    It's an utter scam designed to separate idiots from their money.
  • BobbyBaggins
    Each to their own I suppose. Its the way money is going in the future, fully decentralised instant transmission worldwide. Iam not saying the future will be Bitcoin but it will look something very similar.

    And as its not run or controlled by anyone, I dont see how it can be designed to part anyone from their money. There is noone to benefit!
    • JohnRo
    • By JohnRo 28th Feb 13, 1:13 AM
    • 2,608 Posts
    • 2,421 Thanks
    JohnRo
    Each to their own I suppose. Its the way money is going in the future, fully decentralised instant transmission worldwide. Iam not saying the future will be Bitcoin but it will look something very similar.

    And as its not run or controlled by anyone, I dont see how it can be designed to part anyone from their money. There is noone to benefit!
    Originally posted by BobbyBaggins


    That's exactly where the risk lies, a massive one at that in my view. We are all slaves to a gang of crooks who are set to lose out massively, actually they're set to lose everything, if this really does start to gain serious worldwide traction, and it's certainly looking that way.

    “First they ignore you, then they laugh at you, then they fight you, then you win.”

    Governments hold the power to outlaw and start trying to kill off bitcoin, to shatter illusions and reveal themselves as the crooks they are laid bare, to steal what isn't theirs to take in order to restore their privileges in a rigged market monopoly and protect the banking system that feeds them at everyone else's expense.

    It's a battle to come imho, I just don't see how it can be avoided.

    Free market money controlled by everyone and no one versus centrally controlled and manipulated wealth transfer tokens designed to enrich those in control at the expense of those forced to use them.

    (I do some low volume bitcoin mining)
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • akonlki231
    bit coin is also controller by everyone and no one versus centrally and manipulated with transfer token designed to enrich those in control in designer.
    • pawlala
    • By pawlala 1st Mar 13, 2:52 PM
    • 1,236 Posts
    • 3,321 Thanks
    pawlala


    Bitcoin virtual currency reaches all-time high price
    The value of virtual currency Bitcoin has reached an all-time high, trading at more than $33 (£22).
    http://www.bbc.co.uk/news/technology-21601608
    • sabretoothtigger
    • By sabretoothtigger 1st Mar 13, 3:41 PM
    • 10,006 Posts
    • 6,601 Thanks
    sabretoothtigger
    This subject seems far worse then silver coins re savings.
    At least you have something physical there, I suggest any interest in this should be lottery type money only

    The price can double but I see little productive value. Interesting but dangerous, I'd be glad to see it take off but I dont see why it should
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
    • JohnRo
    • By JohnRo 1st Mar 13, 3:57 PM
    • 2,608 Posts
    • 2,421 Thanks
    JohnRo
    I don't think it'll be allowed to take off in a big way, at the risk of repeating myself the powers that be will try everything they have to shut it down at some point. Some say the genie is out of the bottle and it can't be stopped but I'm not totally convinced about that.

    Just out of interest why do you think it's any worse than pieces of almost worthless paper backed by nothing with fancy pictures of dead people on? The only material difference, in the electronic age, is the number of people who trust it and buy into the illusion.

    It's simply a means of exchange, nothing more, nothing less, and one that isn't centrally controlled and manipulated for profit by those producing it.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • sabretoothtigger
    • By sabretoothtigger 1st Mar 13, 10:06 PM
    • 10,006 Posts
    • 6,601 Thanks
    sabretoothtigger
    Just out of interest why do you think it's any worse than pieces of almost worthless paper backed by nothing with fancy pictures of dead people on?
    That would be the point. That cash has become worthless makes these ideas feasible. I just think we can and will do alot better and the paper promises are still needed to pay taxes.
    Bitcoins are a requirement for nothing, I think some drug sites take them but even then there are alternatives?

    powers that be will try everything they have to shut it down at some point
    If that was the obstacle I think Bitcoins will succeed but if this system is as broke as I think, it'll destroy itself. Nobody will have to intervene, the users of the coins good and bad should make it unusable and unreliable to an extreme that paper is preferable somehow.
    It is interesting to see but I wouldnt want to rely on it much. At best it should replace paypal, I would be impressed by that
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
    • clippings
    • By clippings 11th Mar 13, 2:01 PM
    • 20 Posts
    • 21 Thanks
    clippings
    Very interesting. I bet the OP wishes he had invested in 2011. I see the "value" has risen to $45! Ad networks that pay Bitcoin

    The Bitcoin site seems quite honest about the prospects for Bitcoin: if it falls out of fashion it will be worthless, if it gains wide acceptance it could be worth a fortune. And I see one pundit reckons the value could rise to $100,000 or more.

    I expect Bitcoin Mania (cf Tulip Mania) to set in at some point. The smart will make a lot of money, the taxidrivers (always the last to be sucked in) will lose out.

    This looks like one for gamblers: sell when the taxidrivers start talking about it?
    Last edited by clippings; 15-04-2013 at 11:04 AM.
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