Bitcoins (and other crypto currencies)

[Addicted]

So, anyone deal with them or invest in them?

Crazy to see that 1 BTC (bitcoin) was worth $2 this time last year, currently now worth $190...

Some people are making some huge profits here!

Started mining LTC (litecoins) myself, will get around 4-5 a day, currently worth around $4 each!

 

[Adam.]

I've got about 0.02 bitcoinz.

 

[Addicted]

I've got about 0.02 bitcoinz.

That's still nearly $4 by todays standards

 

[mace¬]

i don't understand how they work. How do you get them?

 

[Scrooge]

WT actual f?!

 

[treemanx]

How can a digital currency be monitored safely?

 

[Toby]

Ere luv, I've got 2500 bitcoins!

-Enter Hacker-

No, you don't pal!

 

[Adam.]

That's still nearly $4 by todays standards

Actually it's 0.002 so about 29p if I'm lucky.

i don't understand how they work. How do you get them?

Mine for them innit.

 

[mace¬]

Mine for them innit.

But Maggie closed all the mines?

how do you mine without getting a black face and getting trapped every now and then?

 

[Scrooge]

LOL

 

[*Badger*]

Interesting read that on Wiki, and I've still got no idea. How does one mine?

 

[Jay_G]

IIRC, you are given a program, and you run it on a computer. Your computer does s**t loads of maths and algorithms, and every now and then you get one coin for your hard work.

Takes a long time to get anywhere, and some people have farms (basically, lots of computers) doing the maths 24/7.

I think it's something to do with finding a "block" with algorithms and stuffs, what a block is I don't know, I guess it's like a game?

But doing it on your own, will take years before you even generate a coin, from what unread

 

[Adam.]

Sha-2. Get a good graphics card and you'll prob mine £50 a month.

 

[Jay_G]

Sha-2. Get a good graphics card and you'll prob mine £50 a month.

From bitcoins? Not any more, not on your own at least ( I know f all about farms etc though!)

 

[sn00p]

Sha-2. Get a good graphics card and you'll prob mine £50 a month.

Not a chance. lol

 

[Sym0n]

LOL, if you saw £5 a month I'd be surprised. One of my properly geeky mates posted up a bitcoin mining device specific to the task on FB the other day, £2,500. With the amount of people mining now, especially those doing it from a commercial angle running farms, the chance of you happening across a hash with one device is slim to none.

 

[Matt26]

Sounds like a pyramid scheme for the next generation.

 

[Knuckles]

Interesting read that on Wiki, and I've still got no idea. How does one mine?

​This lol

But from this thread I gather; you buy a bitcoin. Load the program into your computer. Your computer does loads of math s**t and may, some day in the near future, possibly find you a block which you can trade for Internet money?

 

[*Badger*]

Can I not just buy some bitcoins, with actual cash, from a broker?

They are over £60 each now, they were £2 each 18 months ago!

And then sit on them for a few years and make actual cash back, its a limited currency, by 2040 no more will be "created".

 

[Adam.]

From bitcoins? Not any more, not on your own at least ( I know f all about farms etc though!)

Not a chance. lol

​Is that based on experience?

 

[banther]

Can I not just buy some bitcoins, with actual cash, from a broker?

They are over £60 each now, they were £2 each 18 months ago!

And then sit on them for a few years and make actual cash back, its a limited currency, by 2040 no more will be "created".

There is a Malta based bitcoin hedge fund specifically for BitCoin. Name escapes me

 

[...]

Can I not just buy some bitcoins, with actual cash, from a broker?

They are over £60 each now, they were £2 each 18 months ago!

And then sit on them for a few years and make actual cash back, its a limited currency, by 2040 no more will be "created".

yes you can ..... i looked into it all when i needed some for a website membership .....

there are a few of us that looked and being honest it all looks to flakey/dodgey and open to huge risk just to buy one from sources i looked at .....

nothing to stop it being a nigerian the other end emptying your bank account/loading up your credit card



http://www.slate.com/articles/techn..._from_inside_the_digital_currency_bubble.html

 

[*Badger*]

I've looked at a couple of sites, and they are £200 EACH, where as on the stock exchange they are only $240 ish, which is like £150.....

 

[welshname]

Yeah mining bit coins is not easy. Best bet it to be part of a pool.

 

[Adam.]

I've looked at a couple of sites, and they are £200 EACH, where as on the stock exchange they are only $240 ish, which is like £150.....

Check ebays completed listings for the price of them a few weeks ago!

​

 

[Jay_G]

​Is that based on experience?

Nope, just reading/asking.

It got made harder recently (IIRC, I think etc)

 

[Adam.]

Nope, just reading/asking.

It got made harder recently (IIRC, I think etc)

Interesting.

Have a read up on what a Radeon HD 5970 is capable of mining then .

 

[Jay_G]

Interesting.

Have a read up on what a Radeon HD 5970 is capable of mining then .

It's not the capabilities of the hardware though is it?

I thought it was more the fact that the makers made it harder to find a block, may be wrong though

 

[_Tom]

My mate bought some bitcoins to use on some dodgy site where you can order litterally anything. As they was a minimum spend he's actually made money.

 

[Gavin.]

Massive drop in the last few days

http://www.businessinsider.com/bitcoin-plunges-2013-4

 

[McGherkin]

This is all a bit

for me.

 

[Nickson]

Massive drop in the last few days

http://www.businessinsider.com/bitcoin-plunges-2013-4

Was just about to post about this!

http://arstechnica.com/business/201...losing-nearly-half-of-its-value-in-six-hours/

 

[DrR]

I have no idea what any of this means

 

[Cookie]

I bought 1 BTC for like 12 dollars earlier this year when I had to pay for something. Mental how crazy the price spiked to.

 

[mace¬]

How do you buy one? Do you get an email saying you got 1 bit coin or is it more like a online bank account?

 

[treemanx]

How do you buy one? Do you get an email saying you got 1 bit coin or is it more like a online bank account?

I'll sell you one mace :evil:

£200 and I'll send you an email confirmation...

 

[mace¬]

Cool cool, make it two. Do I get two emails?

 

[Sargara]

Surely the time it takes to mine will end up costing you more in running your computer 24/7 under "load" than the coins are worth?

 

[Adam.]

Surely the time it takes to mine will end up costing you more in running your computer 24/7 under "load" than the coins are worth?

​Do it at work lolz.

 

[treemanx]

Cool cool, make it two. Do I get two emails?

In theory yes, however I only have 1 bitcoin at the moment. I've got my team on minecraft looking for more as we speak.