Bitcoins (and other crypto currencies)

[Chip-mk1]

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.

Any "just for investment" coin will have nothing for its value to base on and therefore WILL be a bubble.

BTC doesnt suffer a problem of needing silver to accompany its gold as it were (ie a lower value coin to go along side it) as it goes right down to a tiny fraction of a penny anyway, the Satoshi (smallest amount of bitcoin) is worth an absolutely tiny amount, so even if bitcoins go to a billion dollars a coin the satoshi is still daily useable, and they have every amount in between covered too.

 

[Addicted]

Any "just for investment" coin will have nothing for its value to base on and therefore WILL be a bubble.

BTC doesnt suffer a problem of needing silver to accompany its gold as it were (ie a lower value coin to go along side it) as it goes right down to a tiny fraction of a penny anyway, the Satoshi (smallest amount of bitcoin) is worth an absolutely tiny amount, so even if bitcoins go to a billion dollars a coin the satoshi is still daily useable, and they have every amount in between covered too.

It's not about the amount it's about the transaction times - Litecoin has 4x quicker confirm times so if you were to use it into a coffee shop or whatever that's where it would come into play

 

[Chip-mk1]

It's not about the amount it's about the transaction times - Litecoin has 4x quicker confirm times so if you were to use it into a coffee shop or whatever that's where it would come into play

Its still 2.5 minutes, so its still no good for face to face transactions IMHO

 

[Chip-mk1]

Small aside for the thread nothing to do with current discussions really but havent seen it mentioned before:

Satoshi himself is believed to hold around 1 million bitcoins (from the early ones that he mined to start the process off) which at current price, makes him a billionaire!

 

[mace¬]

Small aside for the thread nothing to do with current discussions really but havent seen it mentioned before:

Satoshi himself is believed to hold around 1 million bitcoins (from the early ones that he mined to start the process off) which at current price, makes him a billionaire!

but would the demand be there if he all of a sudden decide to offload a large amount of those coins in exchange for cash? the bottom of the market would drop right out pretty quickly wouldn;t it?

 

[Chip-mk1]

but would the demand be there if he all of a sudden decide to offload a large amount of those coins in exchange for cash? the bottom of the market would drop right out pretty quickly wouldn;t it?

If he unloaded the whole million at once, it would be 5% of the entire worth of all bitcoins that could ever be mined (and about 8% of all so far)

So yes it would have a HUGE effect if he dumped them all.



If the bitcoin does what some people hope, and becomes the main world currency, and hence like I mentioned previously based on the dollar it would need to have a total value of all bitcoins of upwards of 30 trilliion dollars, then Satishi will be by FAR the richest person the planet has ever seen, he would make gates and zuckerburg and the arab oil sheiks look like beggers by comparison.

 

[Addicted]

The thing is though, nobody truly knows how many coins he owns, because nobody knows who he is!

Though I agree, he's gonna have a shed load. There was some digging done that found the same address mined a huge chunk at the start then stopped!

I'm just intrigued by it all really, and I hate hindsight. I had 15+ BTC about a week before all the rises and had many more previously, certainly kicking myself now with the value a few days ago!


Though it's fallen again now, one thing to note is if you look at the price across the span of 2 years, it peaked at $30 a few years ago, and people said it was going nowhere. It peaked at $266 a few months ago and people said it was gonna collapse. It peaked at $1147 a few days ago and still people said it's gonna collapse. If it continues the trend, the next increase is gonna be huge! They're also becoming more and more frequent!

 

[Chip-mk1]

The thing is though, nobody truly knows how many coins he owns, because nobody knows who he is!

Though I agree, he's gonna have a shed load. There was some digging done that found the same address mined a huge chunk at the start then stopped!

No one knows who he/she/they are, but its not true about not knowing how many are owned, its about 1.2 Million that were mined in the very early days that have never been exchanged, so these belong to Satoshi and his early ascociates.

I'm just intrigued by it all really, and I hate hindsight. I had 15+ BTC about a week before all the rises and had many more previously, certainly kicking myself now with the value a few days ago!


Though it's fallen again now, one thing to note is if you look at the price across the span of 2 years, it peaked at $30 a few years ago, and people said it was going nowhere. It peaked at $266 a few months ago and people said it was gonna collapse. It peaked at $1147 a few days ago and still people said it's gonna collapse. If it continues the trend, the next increase is gonna be huge! They're also becoming more and more frequent!

For it to be a meaningful currency the price HAS to rise a LOT, 100,000 or so at least to even vaguely be useful on a global scale, and potentially 5 to 10 times that.

 

[kpowell911]

http://www.bnn.ca/News/2013/11/22/Richard-Branson-accepting-and-investing-in-Bitcoins.aspx

 

[Chip-mk1]

http://www.bnn.ca/News/2013/11/22/Richard-Branson-accepting-and-investing-in-Bitcoins.aspx

Another serious step towards being a proper currency.

Must say im quite tempted to buy one on the basis of what I was saying earlier that if they take off, then they HAVE to be worth 100s of thousands each at that stage.
I dont think it will happen, but the potential earnings if it does are HUGE even at the current price.

If they were easier to buy I would have done so by now but cant be arsed with bank transfers etc. lol.

 

[Chip-mk1]

Meh, bought into it in a small way, still think likely to fall flat in the long run, but worth a go just in case.

 

[Dink]

anyone know a low fee site for selling a small amount of BTC?

selling my usb miners

 

[Chip-mk1]

I'll buy it. How much you got?

 

[Dink]

just over 0.2 BTC

 

[Chip-mk1]

Cool, PM me about it mate rather than fill this thread up.

 

[Addicted]

So it's pretty steady atm, but all of the altcoins are rising. LTC is up to $12, NVC up to $20, and others rising around the same. Max Keiser predicts LTC to $50 by the end of the year, so we'll see how we go.

To say I'm gutted I sold 800 LTC at $2.09 is an understatement, I'd have about $10k right now. I have $500 or so worth of LTC currently, planned to buy in again today/yesterday from payday, but missed it from the rise. We'll see what happens.

 

[Chip-mk1]

The variance in LTC/BTC exchange rate looks a reasonable place to keep shuffling money about to try and increase it TBH, if there is an easy way to do so (fee-free or mega cheap obv or it wont work on continually doing it back and forth)

 

[Addicted]

The variance in LTC/BTC exchange rate looks a reasonable place to keep shuffling money about to try and increase it TBH, if there is an easy way to do so (fee-free or mega cheap obv or it wont work on continually doing it back and forth)

Yeah, most bots will profit from varying buys + sells between BTC/USD, BTC/LTC and LTC/USD, theres some good ones out there but mine failed partway through when it couldn't predict a genuine rise, and lost out 100 LTC in July time, though LTC wasn't so valuable then!

The candles are usually big enough to accomodate for transaction fees and a little profit so if you get a good bot, or know how to configure one properly there's easy money to be made!

Funny thing from yesterday - LTC @ $21 - I'd have over £11k right now if I didn't sell xD ahh well. Put £250 in a few days ago and have tripled money, so it's not all bad.

Just waiting for a big drop now really and I will put in a decent amount. LTC basically doubled in 24 hours due to manipulation, so I think we'll see a drop soon (I hope).

 

[ThomasBrentnall]

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?

I'm not sure about that as it's made to support bitcoin, faster transaction times.

Oh in the last week LTC has gone from $5 to $20

Parts of the mining rig my colleague is building have just started turning up so I'll let you know how he gets on with it!

 

[Chip-mk1]

I'm not sure about that as it's made to support bitcoin, faster transaction times.

Bitcoin dont seem to support that theory of yours.

They just describe it as a cheap ripoff essentially TBH mate.


https://en.bitcoin.it/wiki/Litecoin

 

[Addicted]

The original Bitcoiners hate altcoins, so it's of no surprise the wiki discredits other coins

 

[Chip-mk1]

The original Bitcoiners hate altcoins, so it's of no surprise the wiki discredits other coins

Indeed, but the claim was made here it was created to "support" them, its not at all its just a cheap ripoff to try and make some more folks some money by stealing some of the bitcoin market.

 

[ThomasBrentnall]

Bitcoin dont seem to support that theory of yours.

They just describe it as a cheap ripoff essentially TBH mate.


https://en.bitcoin.it/wiki/Litecoin

"Litecoin is an alternative cryptocurrency based on Bitcoin. It differs from Bitcoin in that it targets a faster block rate (2.5 minutes) and uses scrypt for the primary hashing done in mining" It's not a theory, this is taken from that article.

It's also not a rip-off either. Litecoin uses scrypt where as Bitcoin uses SHA-256

http://majesti.co/cryptonerd/what-is-wrong-with-litecoin/

More info there for you matey!

 

[Addicted]

Indeed, but the claim was made here it was created to "support" them, its not at all its just a cheap ripoff to try and make some more folks some money by stealing some of the bitcoin market.

Well, we're all entitled to an opinion.

There are many many coins that were created purely for the bubble, but litecoin never had that intention.

 

[Addicted]

double postttt.

 

[Chip-mk1]

"Litecoin is an alternative cryptocurrency based on Bitcoin. It differs from Bitcoin in that it targets a faster block rate (2.5 minutes) and uses scrypt for the primary hashing done in mining" It's not a theory, this is taken from that article.

It's also not a rip-off either. Litecoin uses scrypt where as Bitcoin uses SHA-256

http://majesti.co/cryptonerd/what-is-wrong-with-litecoin/

More info there for you matey!

Its an "alternative" that says mate.

Very different to "support"


Would you say that Burger King supports Mcdonalds? LOL

If you didnt just copy a tiny out of context quote, you would see they go on to mention that no such "silver" is required, as bitcoin can go right down to a satoshi and hence be silver and gold at the same time.

 

[Addicted]

You are assuming people want to deal with satoshi's, where they have to ensure they type 7 zero's beforehand and make sure they don't make the mistake of missing any out. And that also depends on the overall value of BTC.

At the end of the day, you've ready very little in terms of what LTC has to offer (nevermind the fact you read them on sites dedicated to bitcoin, where it's common to discredit other coins), or why it even exists. We'll ignore the fact it's a wiki for now (picking up faults in the language used is not an uncommon thing on a wiki, nevermind the fact it's a bitcoin-centered wiki), but if you search around for non-biased info you'll find all you need. Whether you're swayed or not is a different story, and what you believe is what you believe - but it clearly has value and it clearly has a use in the world, the market cap is up to half a billion.

As I said before, we're all entitled to opinions, it's just you're on the wrong side

 

[Chip-mk1]

You are assuming people want to deal with satoshi's, where they have to ensure they type 7 zero's beforehand and make sure they don't make the mistake of missing any out. And that also depends on the overall value of BTC.

At the end of the day, you've ready very little in terms of what LTC has to offer (nevermind the fact you read them on sites dedicated to bitcoin, where it's common to discredit other coins), or why it even exists. We'll ignore the fact it's a wiki for now (picking up faults in the language used is not an uncommon thing on a wiki, nevermind the fact it's a bitcoin-centered wiki), but if you search around for non-biased info you'll find all you need. Whether you're swayed or not is a different story, and what you believe is what you believe - but it clearly has value and it clearly has a use in the world, the market cap is up to half a billion.

As I said before, we're all entitled to opinions, it's just you're on the wrong side

Sorry, but your assumption in bold there is horrific mate, the reason that I referenced the bitcoin description of litecoin was PURELY to demonstrate that bitcoin dont view it as being supportive to their cause like was said in this thread, where else would you suggest then is a better source of reference to prove that single point (which was the only thing i was doing with my post) than directly from bitcoin?

Contrary to your belief Ive read lots about litecoins/bitcoins on all sorts of sites before deciding to invest in bitcoin, but for that one point being discussed that was the only one required so the only one reference I gave.

Its not a supporting product, its a competing product, and saving you from typing 7 zeros by typing 6 instead is not a big enough "win" to be worth the hassle of having to exchange from one to the other, to me the logical choice if you want to use bitcoins to pay someone then you use bitcoins directly you dont convert to litecoins to use them. BTC is well enough thought out not to need this "support"

 

[kpowell911]

Made the BBC top 10

http://www.bbc.co.uk/news/technology-25120731

 

[mace¬]

This is better (if true)

http://www.dailymail.co.uk/sciencet...d-drive-thrown-Newport-landfill-accident.html

 

[Sam]

This is better (if true)

http://www.dailymail.co.uk/sciencet...d-drive-thrown-Newport-landfill-accident.html

That's awful. Id be gutted.

 

[mace¬]

That's awful. Id be gutted.

I'd be there night and day looking for it.

15 guys two diggers and alot of kit wouldn't be a dent in £4million. Offer Newport council 20% of the profits and I'm pretty sure they'd let him look for it.

 

[ThomasBrentnall]

Sorry, but your assumption in bold there is horrific mate, the reason that I referenced the bitcoin description of litecoin was PURELY to demonstrate that bitcoin dont view it as being supportive to their cause like was said in this thread, where else would you suggest then is a better source of reference to prove that single point (which was the only thing i was doing with my post) than directly from bitcoin?

Contrary to your belief Ive read lots about litecoins/bitcoins on all sorts of sites before deciding to invest in bitcoin, but for that one point being discussed that was the only one required so the only one reference I gave.

Its not a supporting product, its a competing product, and saving you from typing 7 zeros by typing 6 instead is not a big enough "win" to be worth the hassle of having to exchange from one to the other, to me the logical choice if you want to use bitcoins to pay someone then you use bitcoins directly you dont convert to litecoins to use them. BTC is well enough thought out not to need this "support"

:banghead:

It's not a competing product ffs. Lite coin and bitcoin work in different manors. I'll let you research this yourself instead of clogging this thread

 

[Chip-mk1]

:banghead:

It's not a competing product ffs. Lite coin and bitcoin work in different manors. I'll let you research this yourself instead of clogging this thread

Of course they are competing for peoples investment and trade.
There are subtle differences but nothing that stops them competing.


Bitcoin cracked a thousand worldwide today for the first time. (It managed it briefly in China ten or so days ago)

That's a big milestone, I wonder if it will make more people want to get on the ride or get off. Could go massively either way.

 

[@Spoonie]

This is better (if true)

http://www.dailymail.co.uk/sciencet...d-drive-thrown-Newport-landfill-accident.html

Pfft....

https://bitcointalk.org/?topic=137.0

 

[ThomasBrentnall]

Ltc has gone from $5 to $47(peak) in just one week!

 

[McGherkin]

Pfft....

https://bitcointalk.org/?topic=137.0

Oh my f**king word. Most expensive pizza ever.

 

[Addicted]

Ltc has gone from $5 to $47(peak) in just one week!

Yep fking tell me about it, I had 800 but sold at $2.09 as the future looked bleak, should have just held, it would be worth around $32k (£25k ish) right now.

Ahh well, my friend did the same but had alot more, he's "lost" $160k

On a positive note - put £250 in and bought at $6 ish, up to about $2k now. LTC has risen insanely quickly its impressive. Originally started at around 0.48 BTC, if I switched to BTC now it's around 1.4!

Also have another 290 coming tomorrow for some more mining again so that should be nice. Scheduled to make around $319 a week on current diff, which will fade off slowly. I think we have a VERY strong 2 weeks of mining, enough to certainly pay off the GPU. I will however be storing the coins, because I'm not making the mistake of selling early again.

Projections put BTC at $2-3k within this month, and the guy has been right for 2 years so far, so we'll see what happens.

 

[Chip-mk1]

Projections put BTC at $2-3k within this month, and the guy has been right for 2 years so far, so we'll see what happens.

The shape of the curve at the moment certainly makes predicting pretty hard, is it would put them at $50,000 by xmas and I think that is more than a little unlikely!
(although that IS where they need to end up as a minimum to be a genuinely useful currency)

 

[kpowell911]

How easy would it be to sell some tonight out of curiosity?