Hondata'd EP3 Type R
Hit $500 yesterday :|
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Bitcoins (and other crypto currencies)
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Hit $500 yesterday :|
Hondata'd EP3 Type R
Deep web sounds mental BTW :|
Yep it's all going pretty mental at the moment, there were 2 chinese exchanges that opened up, and it's gone from ~$120 to $500 in a couple of weeks. Sadly I sold most of mine just before the rise, so I'm pretty annoyed at that - but hindsight is a wonderful thing, and what I have to remember is that profit is profit 
edit: Just checked this morning, it's currently sat at over $600 and rising still. 500 was the test for big sell offs, looks like we're going much higher yet!
edit: Just checked this morning, it's currently sat at over $600 and rising still. 500 was the test for big sell offs, looks like we're going much higher yet!
Hondata'd EP3 Type R
I spent a few hours reading about them last night. Im still not 100% how they get mined lol
This is a highly summarised and not entirely accurate description just to give you the idea:
Computers help process the currency, and in exchange every ten minutes 1 coin is issued, based on the amount you have been helping effects the percentage of it you get.
I personally think its a bubble and it will burst, but who knows how far it will go first, as there are a LOT of people with a vested interest now in it succeeding, but I must confess if I had millions of dollars in bitcoins, I wouldnt leave it there, Id take it out and bank it, or spend it on something more tangible like tulip bulbs
This is a highly summarised and not entirely accurate description just to give you the idea:
Computers help process the currency, and in exchange every ten minutes 1 coin is issued, based on the amount you have been helping effects the percentage of it you get.
I personally think its a bubble and it will burst, but who knows how far it will go first, as there are a LOT of people with a vested interest now in it succeeding, but I must confess if I had millions of dollars in bitcoins, I wouldnt leave it there, Id take it out and bank it, or spend it on something more tangible like tulip bulbs
I see what you did there
I think it's going to be an interesting next few years, it's crazy to see how much of an influence the Chinese have had already - and where we go from here.
There's a lot of big US talks going on today and this week so that helps gain traction!
I just wish I had not sold most of my when I had, but that is the thing with things like this!
I see what you did there
Well spotted.
I just dont really see how its a long term sustainable currency with nothing underneath it, but then the Dollar and the Euro are now fiat currency anyway so the precedent has been set I guess!
Hondata'd EP3 Type R
Tulip Mania FTW
$844 and counting.
Got to crash by end of the year surely?
although the winklevoss twins recon it will grow 100 fold yet. But they have tens of millions of dollars worth so aren't exactly objective. Lol
I'm not so sure. People have been talking about it crashing for a long time, obviously the growth over 24 hours has been ridiculous but who knows.
Although I don't believe in the New World Order or any of that crap it is interesting that the US has made the first steps towards making it legitimate, it's a global currency that people are excited about and making great sums of money with. I'm surprised the conspiracy theorists aren't going nuts over it.
Although I don't believe in the New World Order or any of that crap it is interesting that the US has made the first steps towards making it legitimate, it's a global currency that people are excited about and making great sums of money with. I'm surprised the conspiracy theorists aren't going nuts over it.
Hard to say what's gonna happen tbh, we'll get a lot of mini-crashes I think, but I think there's so many people invested now in hardware alone, that it will always have some value, how much that is is another question though!
It managed to hit $1147 by the looks of it last night from the Chinese again, if my conversions were correct. Sat around $950 currently, pretty mental stuff.
Its an exciting concept and impossible to really know where it will be in 50 years time for example, could be the currency of the world, or could be utterly worthless and present only in history pages on the web.
Hondata'd EP3 Type R
I dont get how this is even remotely sustainable. Although I'm guessing that's how it crashes!
At the moment there is almost nothing underpinning the value of this currency, its barely used as a currency and is just a load of speculative trading basically.
Its future of a currency can go one of 3 ways essentially:
It becomes massively popular, and becomes the new standard for web/international trades and in 20 years its what people talk about instead of dollars
It stays on the fringes and is used a bit in certain areas but not widely adopted
It fades to nothing
Its price is going to depend on which of those happen.
Value if it goes the first way if you make the assumption its going to be used to represent say 10 trillion dollars of asset worth in years to come (thats about the amount of dollars floating around IIRC), then each bitcoin would HAVE to be worth half a million dollars each (there can only ever be about 20 million of them, EVER), it physically cannot be any less or there wont be enough bitcoins to represent that total volume.
Value for the second? Could be anything between a dollar and a hundred dollars depending on how much its used
value for the third? Nothing
So personally im very confident that each bit coin will be worth somewhere between zero and half a million dollars in 20 years time, and I suspect you will REALLY struggle to find a prediction you can trust that is any narrower!
Until this morning I had no idea the word existed. It's only as I saw the title of this thread while passing that I thought I'd look in to it.
Still don't really understand it - but that's not my concern.
I feel out of touch with society and technology. FML.
Still don't really understand it - but that's not my concern.
I feel out of touch with society and technology. FML.
Im not really sure how that would happen TBH, but its a possibility I guess.
There would be no reason for it to be made illegal, it has always been pinned as used for illicit use, but making it illegal would be very difficult, and plus there is no way they can actually control it.
Places like Silk Road (v2) promote illegal behaviour, but it's such a small percentage now that it's taken off in China, it has just opened up to a load of investors. Over the past few days there have been huge news articles for crypto in general, including a big discussion at a Senate hearing about it!
I can see why governments would hate it, and ultimate try and destroy it, but I think they will have a hard time doing it!
Places like Silk Road (v2) promote illegal behaviour, but it's such a small percentage now that it's taken off in China, it has just opened up to a load of investors. Over the past few days there have been huge news articles for crypto in general, including a big discussion at a Senate hearing about it!
I can see why governments would hate it, and ultimate try and destroy it, but I think they will have a hard time doing it!
LY 220 Trophy+IB PH1
Old news but
http://www.theverge.com/2013/11/8/5...digital-wallet-service-claims-site/in/3709249
Ouch, highly suspicious !
http://www.theverge.com/2013/11/8/5...digital-wallet-service-claims-site/in/3709249
Ouch, highly suspicious !
That really is no more relevant to bitcoin as a currency though than every cash swindle ever devised is to cash, thats not a failing AT ALL of the core technology.
You dont withdraw money, it IS money.
It can be exchanged for goods or other currency money, anonymously or not, your choice.
Although im sure it *is* traceable if the FBI or someone wants to.
LY 220 Trophy+IB PH1
Completely agree, taken via a standard that could apply to everything worth something. My angle was more the "Meh" nature of the owner lol
No there doesnt have to be a bank transaction at all, you can exchange it with anyone who has dollars and wants bitcoins, you could be stood next to me and send me bitcoins and I hand you a wad of pound notes for example.
Lol, fair enough, thought you were hinting at it as an issue with the currency itself.
LY 220 Trophy+IB PH1
But the bit coins still have to be sent from A to B and I assume you have to register to get an account?
Polo + Micra
you download a wallet that then gets an address from the bitcoin network and then that is the address you send/receive bitcoins with.
I've been looking in to Litecoins. Price is still cheap
Wait for the next one to appear and get in early on, there will be another one along soon.
I think that the odds of litecoin not ending up at $0 a coin is really slim in the longer run (as bitcoin has so much more established itself), but if you get in for a while and get out quick you might make good gains based on current mania surrounding these electronic fiat currencies.
Your comment they are "cheap" is a strange one though, you are buying NOTHING other than other peoples opinion of worth with either a bitcoin or a litecoin, so i dont see how at 1 dollar or 1 billion dollars either is actually cheap or expensive?
PS, here is a list of the current widely mined coins:
http://dustcoin.com/mining
Its hard to view this as anything other than a weird fad TBH, at MOST 1 is going to survive IMHO, and the others will all end up at $0 per coin.
http://dustcoin.com/mining
Its hard to view this as anything other than a weird fad TBH, at MOST 1 is going to survive IMHO, and the others will all end up at $0 per coin.
Generally all of the other coins (apart from BTC/LTC/PPC/NMC/NVC) are all code-clones of LTC, and are not worth mining, and will never take off - ok sure they may do, but they bring nothing to the table.
The only one to watch currently is CureCoin, which is being released very soon - it offers rewards (coins) for doing calculations like Folding at Home, so that will be a very interesting coin.
Around a few months ago there were very few coins, and then one called Feathercoin was released which bubbled quite quckly and naturally fell very quickly too (I made a nice profit), which lead to other people thinking they can do the same, so just copied entire codebases of coins and literally just changed the name. Now there are onwards of 200 different types of coins, with 99% of them being utter crap. I'd say if you're going to mine, then stick to LTC/BTC, as they are the only ones with any sort of traction currently. When BTC rose the past few days (yes its going back down now), it was only LTC and BTC that this occured with - mainly due to these being the only coins on the chinese exchanges.
If we get to where I think it will, I think we'll see 2 coins, 1 for investment and 1 as a "daily" coin, being much less worth in value (aka BTC and LTC), whether or not it's those 2 coins or not though is a different story.
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