Bitcoin's and mining. Discuss. 2014 flashback update pg7/8

[lewd lude lover]

well I'm glad I'm not a generally negative person

I bet people said the same 5 years into apple and they said the same about bitcoins two years ago but people have retired in that time on what they earned so I'm glad I have a bit of adventure in me. you gotta spend money to make money.

@sailor: I'm not sure you understand the concept there buddy.

''for a currency to have any lasting value, it must be exchangeable for real goods or services. Retailers are slow to go for it, and may never do so in any meaningful quantity.''

it is exchangable for many goods and services. including university tuition, pizza and space flights with branson, more retailers take it on every day. That is not where it is a usable currency though obviously, a side benefit if you will. Its main use is as an international transfer currency with minimal fees to transfer cash, high security and fast transactions.

oh and iv made £80 on the exchange over night so I'll give it more chance than most.

[Ted]

having recently been put in the position to invest some money i have looked at all sorts of ways for it to bring in the best return, gold and silver is always a good bet as it will always be worth something rather than nothing with little chance of losing the lot so i have been monitoring the price of it.
now this is just an example but gold on this easy to read site last wednesday was worth £24849 per kilo



the following day it was worth around £500 more.

today its worth £24260



so over night i could have made £500 for my £25,000 investment but over a week i would have lost £500. with a variation in price of around a £1000 buying and selling at the right times makes it sound great but how can you predict safely when to buy and sell.
as i said for a long term investment it looks a safe bet but pulling it in and out to make a living could reduce me to peanuts or make me very rich in a short space of time.i like a bet, infact i love a bet, but its ok to play about with the odd £10 over 2 flys crawling up a wall but to play about with 250k takes a braver man than me.
allyoureggsin1basket.com

there was a bitcoin for sale on ebay last week with no reserve and a starting price of £9000, no bids with 11 hours to go and a current value of £10,000 somehow i forgot to put it in my watch list and missed what it sold for good luck with the bitcoins james.

[lewd lude lover]

yeah gold is the material standard but its not a safe bet, as you say, due to control over the price of gold being so well understood and manipulated. I wouldn't put it into gold. maybe buy actual gold but thats harder in quantity than you might imagine (In hand bullion) and yes you would be mad to try and earn a living out of buying and selling gold.

coins are attempting to be the digital standard. Backed by the petaflops of computer power in the network and the security that gives all transactions.. Who knows but for a decent sized flutter I'm in.

Soon as anyone puts a quantum computer onto mining though.................boom

[Donald]

The one saving grace of bitcoins is that there are only 21m of them with AFAIK no plan to make more. That makes it more stable than most currencies, to an extent.

Also a bitcoin for 9k starting the price as of yesterday/today is hovering around the £700 mark. To date it's never been that high, it was big news when it crossed the $1k threshold.

[lewd lude lover]

yeah 21 million can be mined at an ever increasing rate of difficulty. the last one planned for 2140 or something. as a restricted supply it has some safety from inflation and manipulation by governments. Not to say it cant be but its harder.

[Ted]

Also a bitcoin for 9k starting the price as of yesterday/today is hovering around the £700 mark. To date it's never been that high, it was big news when it crossed the $1k threshold.

yes my mistake donald, 1 to many zeros in there now you mention it

[Donald]

It's inevitable that it will crash again soon, every major peak so far has been followed by a crash. At that point I may purchase some 0.1s just to perhaps get in on a minimal profit at this late stage, but I'm not prepared to drop enough for 1. Definitely haven't got enough disposable for a worthwhile rig.

[wurlycorner]

I think bitcoin's are bollocks

[indigolemon]

I think bitcoin's are bollocks

They're interchangeable in role/function?

[lewd lude lover]

I think bitcoin's are bollocks

nice. a well thought out point with corroborative explanations. Did someone sell all their coins when they hit $10???

I'm hoping the machine might mine 35BTC before its outpaced by the difficulty. At that point I would fold that into the next machine and get it early. then start trading them on localbitcoins.com and take the exchange rate profit. I would also start taking BTC payments at work.


@donald:Why do you think it is such a late stage? the gold fields are STILL making people good wages and over half the gold was mined decades ago. bitcoins, or something very much like them, are here to stay. The world NEEDS an international digital currency. If this one is the one for the 1st generation (before quantum computing comes on the scene that is) then i want in. yes it prob will drop down again. buy at that point and buy hard. though if you had bought 1 at 4pm on sunday and sold it right now you would have A C00L £300

never put in what you cant afford to loose is the only advice you should ever take with speculation.


@indigo: I think as time goes on more countries with shitty currency will begin to use this in international trade. they have to pay so much in fees to transfer and exchange because no one wants their paper.