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

Post by **Donald** » Wed Dec 04, 2013 7:26 pm

Just saw a transfer just shy of 14k BTC with fees of 0.26BTC. To put that into perspective that's a touch under £10mil transferred for about 180 quid.

The same amount sent from my card using Paypal would set me back £330k.

mercutio · Post by **mercutio** » Wed Dec 04, 2013 7:32 pm

probelm is the currency of bitcoin is held up by people who have loads of it because they either dont want to lose money or dont want to lose the money they think they have. From what i have read and i havnt read a lot you have to keep your machine running 24/7 and if your on your own you wont earn enough to cover your outlay because the electricity you use is horrendous to earn money you have to be part of a group of miners.

I could be wrong and i wish you luck if i were you i would be a pioneer on the litecoin rather than a latecomer to bitcoin!!

Post by **Donald** » Wed Dec 04, 2013 8:04 pm

Running costs etc aside.

There is potential in Litecoin. There will be 4 times as many LTC than BTC, so in theory they should be worth 1/4. Currently they're about 1/50 BTC. So yeah, some catch up should be seen although I don't think it's as clear cut as one or the other. BTC is in pole position and for anything to top it something horrendous has to happen. The Silk Road business didn't kill it so I don't think anything will

for as long as BTC is making good LTC should too. All theoretically of course.

Ted · Post by **Ted** » Wed Dec 04, 2013 9:31 pm

then theres the ripple the feather the world and the quark coins hmm i might buy 1 of each and hope for the best

Post by **lewd lude lover** » Wed Dec 04, 2013 9:37 pm

merc you are correct poolmining is the way to go now unless you have a farm. exactly the same as when the first serious influx of miners went to the klondyke. you earn a better spread by putting your energy into a % of the take rather than trust to luck you alone will find the big pay off. cooperative returns are maybe slighty less but you get a stable return.

I AM NOT TALKING ABOUT GETTING RICH GUYS. just suplementing income with a sideline that offers a little speculation. I also think this offers a connection to a growing world of international commerce which gets stronger every year.

litecoin has been designed to be silver to bitcoins gold. as such I will pay it some attention when i have my rig set up and digging gold for me.. Also there are many altcoins to choose from. cloud mining will be the next chapter for me but i will rent server spaces for that.

mercutio wrote:I could be wrong and i wish you luck if i were you i would be a pioneer on the litecoin rather than a latecomer to bitcoin!!

i still dont see it as a late coming from the point of view of a prospector with high class equipment getting stuck in. Still very early days if you ask me. This is the first big influx of ''nongeek'' miners. Imagine the hardcore prospectors have made their fortunes and moved on but now its the chance of all the normal people to take a chance. there will be more and I want to be in the first wave if i can. The market has about 12billionUSD liquidity at the moment. that could easily turn into trillionsUSD if its taken up by china as an internation exchange medium, which could quite easily happen as they drokking LOVE it. Then your £700 = 1BTC becomes several million £££. The chinese can move huge amounts of cash around the planet for pennies and they want to. the fact that loads of chinese business are now taking them for payment on the street says it has a market to me

about 1/7th of the human population.... or it could be overtaken by something better but I doubt it for the time i want to be in it.

The smart money (all the investment sites, wall street etc) say put some cash into it as it could make a frikking fortune but not more than you can see body lemonade into the wind as it could go belly up just as easily. That sounds like fightin talk to me.

The new ASIC machines are low power per GH/S. you are reading old pages talking about CPU and GPU mining. that is pointless now, agreed. never make the electricity to cover it. same as in the old days of gold mining it got to a point that you needed to start bringing in heavy JCB etc as all the easy gold had been panned out of the creeks. Doesnt mean there is no money there. just that you have to work harder and invest more to get to it.

best to buy a few of all the altcoins as one of them is going to make it.

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Wed Dec 04, 2013 9:45 pm

lewd lude lover wrote: Just because you cant see a use 'within your life' matters not. Your whole argument rests on ''I'' and there are another 7 billion people out there with other needs than you.
you missed the point

I thought the point of the thread was to get other peoples opinions on the subject? So surely giving mine, is the point?

I wouldn't claim to speak for 7 billion people, but equally, I'd be very surprised if my currency needs were that different from the vast majority of people in the world?

As for the fees you mention, yep for a personal user, the fees etc can be massive. They aren't for big business though (BACS is cheap) and that's where the vast majority of money transfer takes place, so what do they need bitcoin for? If it started posing them much threat, the big banks would just drop their fees and kill the alternative market, surely?

who is that levy's the fees for bitcoin transfers anyway? Who owns the process and is getting fat off it?

I think to draw a parallel between this 'my' needs' and my point about geeks getting excited about bitcoin, I'd compare it to being like when loads of technology loving people get all excited about a new phone being launched because it has 'open source' OS. Wowwwww...

I'm sure it's very exciting. But it's pointless and irreleant to the vast majority of the world, because all that most users (which is where all the sales are) want from a phone is something that looks pretty, is easy to use and works. It really is that that matters. Whether they could or couldn't go deep inside the code and fiddle with it if they wanted to, is completely and utterly irrelevant to the vast market that buys these things!

NB: I wouldn't for one second promote using paypal as a means of payment over pretty much any other method! Massively extortionate fees, while ebay.inc sit on a pile of your cash earning them interest (but giving you none) and giving them enourmous cash reserves against which to borrow etc. Arseholes. Free and instant bank transfer every time for me please! (there is some point to paypal for ebay purchases, but even then it's limited because of the way they conduct themselves over user cases).

I probably sound like I'm rather wound up and give a jobby about this subject, don't I?

I'm actually really not - I'm completely ambivalent and really couldn't give a jobby tbh

(my points about phones and views on paypal are quite passionate views though)

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Wed Dec 04, 2013 9:53 pm

. In all the exctement, I forgot to give my views on mining...

People Power!

Post by **lewd lude lover** » Wed Dec 04, 2013 9:57 pm

mercutio wrote:probelm is the currency of bitcoin is held up by people who have loads of it because they either dont want to lose money or dont want to lose the money they think they have.

this is wrong. it is held up by the people invested in the network and the work they do to support it and all the petaflops of processing power bent to its maintenance. The people who have lots of them personally have earned them and even when they hit $1240 and they could all have made millions of % profit they didnt sell. Why is that? because they are scared of loosing the money? no, they never paid ''money'' for the coins they have in the first place. people want it to work as the planet needs to move on from the stupid closed systems of exchange. . imho.

does it have 'intrinsic' value? what currency does?

@wurly: you didnt give an informed opinion at the start and you backed it up with viewpoints based on your personal feelings rather than empirical research which were thoroughly deconstructed. Sorry if I didnt take you seriously.
I think you are not seeing the trees for the wood though mate. We dont need hundreds of different currencies in a world economy. infact its drokking daft! what if you could load your virtual wallet up and travel the world, never needing to change money or face the hassle of local currency and loosing on the exchange??. or you could buy that thing on ebay with all the security of paypal but with none of the fees? Time will show you to be alarmist and a naysayer....I hope

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Wed Dec 04, 2013 10:14 pm

lewd lude lover wrote: We dont need hundreds of different currencies in a world economy. infact its drokking daft!

Well, this is an interesting point... I'm not of the euro-sceptic view about the world ending if we were to enter the euro and it couldn't ever work (etc.) and never have been. But, it does seem to have caused some problems that I'm currently not clear how you avoid in future with having only 1 transferable currency.

lewd lude lover wrote: what if you could load your virtual wallet up and travel the world, never needing to change money or face the hassle of local currency and loosing on the exchange??

Well yep, that would be fine. I could do without a virtual wallet though, I'm quite happy with a real wallet that carries a card. Genuinely I am!

lewd lude lover wrote: or you could buy that thing on ebay with all the security of paypal but with none of the fees?

Well yes, I'm whole heartedly with you there - how the hell ebay insisting you must also have an account with their payment service and that being the only one online-payment service that they accept and therefore you must pay their charges, isn't anti-competitive behaviour, I really don't know!

That's some jobby right there that the monopolies and merger commission should be investigating and taking to court under European anti-trust laws!

Time will show you to be alarmist...

Ok... being inferred as a Daily Mail reader I would actually take offence at! Alarmist?

Nope, I don't think that's what you mean? I'm not being alarmist over the issue - naysayer (on this) yes. But not alarmist.

YouTube · Post by **Sailor** » Wed Dec 04, 2013 10:15 pm

lewd lude lover wrote:We dont need hundreds of different currencies in a world economy. infact its drokking daft!

Try telling that to Euro sceptics!

Unless you want business to rule the world, as opposed to elected representatives, you can't have a stable world currency without political consensus. If you're happy for business to be boss, you must be prepared for the sort of currency speculation that dumps on the little man. There is money to be made out of bitcoins - but not by using them as currency.

Lude Generation

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

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