Bitcoins (and other crypto currencies)

[Chip-mk1]

Been reading alittle bit of the thread and some articles from google/wiki. Its still alot to get my head around.

Bescially is it worth buying a litecoin now? Can you see them going in value?

No one knows mate, it will all depend on the next big announcement.

China made a good announcement and it doubled in a week, they made a bad announcement and it dropped by a third.

Who knows what is next, as nothing like this has ever happened before.

Personally I think the most likely outcome is it ending up dieing off, but Ive bought in anyway as if it does succeed it will have to jump 100 fold over what it is now.

Its a bit of a lottery ticket really.

Personally I think BTC is more likely to make it than LTC though, so thats what I have bought.

 

[Addicted]

Exactly as above, who knows tbh.

I can see LTC going alot higher than it is currently, but it's all about time. I will certainly be holding LTC and BTC, I also have some QRK and WDC also which are strong contenders (to make money from).


Get your numbers in for the crypto lottery

 

[Wilkeh]

Hardware for what? There are plenty of BTC asics but no LTC asics, and won't be for a good while yet.

But you'd be mad to mine BTC on a gpu anyway.

To be honest mate if I wasn't buying a house in April I would be throwing every penny I have at it

I really can't afford to lose any money really, even if the risk is low there is still a risk and that's good enough for me not to take part.

The process of turning LTC into hard cash looks like a ball ache as well

 

[Chip-mk1]

The process of turning LTC into hard cash looks like a ball ache as well

Convert to BTC, sell them on facebook or the forum.

I bought 100 quid of BTC off someone on here a page or two back.


Personally Ive only bought a few hundred quids worth, and I will just hold onto them for 10 years and forget about them basically, so I couldnt care less what the price does during the speculative period at the moment, if the currency starts really getting used as an actual currency the small amount of coins Ive got (just over half a BTC) will then be very useful to me as by definition it will have to be worth 10s of thousands of pounds, if on the other hand it doesnt take off, Ive only spend the same as a couple of lottery tickets a week for a year, so no big deal to lose it all.

 

[Addicted]

Convert to BTC, sell them on facebook or the forum.

I bought 100 quid of BTC off someone on here a page or two back.

Yep, or convert to BTC and sell on Localbitcions - easy as hell to do and fully protected - it's how I've converted to/from most of the time without the use of SEPA.

To be honest mate if I wasn't buying a house in April I would be throwing every penny I have at it

I really can't afford to lose any money really, even if the risk is low there is still a risk and that's good enough for me not to take part.

The process of turning LTC into hard cash looks like a ball ache as well

That's entirely fair enough, after all people should only be investing what they can afford to lose!

Mined near enough 10 LTC on my 2x 290's so far, and considering the 2nd 290 was bought just to make some money back on it, I'd say it's doing pretty well. I'll be holding long term anyway, but in just over a week I've made a significant amount of money back on it.

 

[Jay.S]

I'll buy a few LTC's then and see how it goes, i can see them going alot higher than they currently stand.

Lets say i buy from this site:-
https://bitbargain.co.uk/buy

Am i right in thinking i need a BTC/LTC wallet which has a unique number? If so can i just create one using this site:-
https://blockchain.info/wallet/new

or have any of you usded other trusted site to create a wallet?

 

[Chip-mk1]

I use an offline BTC "multibit" wallet, but Ive not done anything with the other currencies.

 

[Jay.S]

Just noticed that block chain has a app anyone use that?

Can LTC be transferred to be a BTC wallet?

 

[Addicted]

No Jay.S, not unless you have a custom/3rd party wallet that supports multiple currencies.

I just use the default Bitcoin-Qt and Litecoin-Qt.

 

[Chip-mk1]

Just noticed that block chain has a app anyone use that?

Can LTC be transferred to be a BTC wallet?

LTC and BTC are totally different, you cant put them in the same wallet, but as mentioned by Addicted you can get "multi wallets" that appear as if they are one wallet.

But they are NOT "compatible" with each other.

 

[mace¬]

I don't really get this (still).

If you just have a wallet with a pass key, what is to stop you duplicating the wallet onto 100 hunder USB sticks and selling them off with the pass key?

 

[Jay.S]

Ahh ok cheers.

I'll set up a LTC wallet.

 

[Jay.S]

Has anyone invested in another from of "****coin" like Peercoin etc?

Having done some research today and finding out the U.S & China have banned them which sent the down if all other countries follow then surely it will die out?

Or would be still be valued within the online sector?

Quark coins are looking pretty good and i think they could be a good investment they just seem hard to buy.

Addicted if your making them fancy selling some?

 

[Addicted]

How do you mean by banned? they're not banned at all.

Financial Institutions (aka Banks) in China are currently banned from dealing with virtual currencies yes, but there's no regulations currently to stop misuse - and alot of the ideas of using Cryptocurrency is a way of not using FIAT - so this makes sense. I think they'll either allow it when regulations are in place, or will just not allow it full stop - but either way that shouldn't impact on the use in the slightest.

I don't mine them sorry, I just bought some from Cryptsy.com, but Bter.com also have an exchange setup for them. No clue if they're worth investing in now, as I got them when they were cheap!

 

[Addicted]

I don't really get this (still).

If you just have a wallet with a pass key, what is to stop you duplicating the wallet onto 100 hunder USB sticks and selling them off with the pass key?

All transactions are public, in something known as the "blockchain" (the transactiosn are stored/processed in the blocks miners mine) - distributed by p2p. The only way to "double spend" is if you have 51% of the mining network, as it's based on "confirmations" of other miners. In this day and age you would need some ridiculous computing power to do this, and the cost would be insane.

 

[mace¬]

All transactions are public, in something known as the "blockchain" (the transactiosn are stored/processed in the blocks miners mine) - distributed by p2p. The only way to "double spend" is if you have 51% of the mining network, as it's based on "confirmations" of other miners. In this day and age you would need some ridiculous computing power to do this, and the cost would be insane.

OK that sort of makes sense, but I don't understand the concept of 'spending' them? So if I bought yours from you, you wouldn't just email me your wallet and pass key? We'd have to go through some sort of exchange? So I assume a wallet must be tied to a device?

 

[Jay.S]

Mace I'm in the same boat at the minute.

Addicted I read about them being banned in the banks sorry I should i put that bit in as that's what I meant. Surely though the banks will have a massive effect on these?

Is there any wallets I can use on my iPhone/iPad?

Reading about QRK's and that's where I'm putting some money as when they are released to buy things with they will rocket.

 

[Addicted]

OK that sort of makes sense, but I don't understand the concept of 'spending' them? So if I bought yours from you, you wouldn't just email me your wallet and pass key? We'd have to go through some sort of exchange? So I assume a wallet must be tied to a device?

Using the wallet you can perform a "transaction" (sending coins from one address to another) which will send the money. A wallet just contains the private keys to "addresses" - so I would send my bitcoins to your address, which would then be confirmed on the network (after about 10min) - you could then spend them again once confirmed. They would show up in your wallet (on the address I send them to).

A wallet can have unlimited amount of address (there maybe a limit but for sake of argument).

 

[Jay.S]

Addicted going back to QRK and Cryptsy/Bter.com are these just exchange sites where you exchange your cryptocurrency? I'd like to buy QRK but can't seem to find a site where I get some without BTC/LTC first and then exchanging it

 

[Addicted]

@Jay.S I've used 2 methods, but one is distinctly easier (and both require buying Bitcoin first):


Localbitcoins - easy and secure - all transactions are escrowed. You buy BTC via bank transfer and then send it where you want.
Transferwise (through bank transfer) and sending as a SEPA transfer to Bitstamp - took about 5 days to go through, then buying BTC at Bitstamp and doing what you want with it.


But yep - the above are just a couple of exchanges that deal with the "smaller" coins, BTC-E is my main trading platform but it doesn't have QRK or Worldcoin.

 

[mace¬]

Using the wallet you can perform a "transaction" (sending coins from one address to another) which will send the money. A wallet just contains the private keys to "addresses" - so I would send my bitcoins to your address, which would then be confirmed on the network (after about 10min) - you could then spend them again once confirmed. They would show up in your wallet (on the address I send them to).

A wallet can have unlimited amount of address (there maybe a limit but for sake of argument).

so is it all done on trust? i assume I would have to pay you via Pay Pal or similar and then trust you to send me the address?

 

[Jay.S]

Pingit seems to be a popular way of buying/selling.

Addicted rather than me go through the process of buying BTC first fancy selling me some QRK?

 

[Addicted]

so is it all done on trust? i assume I would have to pay you via Pay Pal or similar and then trust you to send me the address?

via paypal will require a level of trust - but more so on the person sending the crypto - as there's no form of chargeback - where as with paypal you could put a dispute up and get a refund.

Pingit seems to be a popular way of buying/selling.

@Addicted rather than me go through the process of buying BTC first fancy selling me some QRK?

I'll see if I can spare any funds (theyre all tied up) to get some more QRK, but won't be until tonight that I can figure that out.

What sort of quantity/£ would you be after? There's going to be a lot of nasty conversions £->$->BTC->QRK

 

[Chip-mk1]

so is it all done on trust? i assume I would have to pay you via Pay Pal or similar and then trust you to send me the address?

Trust is a big problem with using the currency too. If it gets to that stage. It's currently as irreversible and as trust based as posting someone cash essentially.

and with no controlling body that seems unlikely to change.

 

[Chip-mk1]

Using the wallet you can perform a "transaction" (sending coins from one address to another) which will send the money. A wallet just contains the private keys to "addresses" - so I would send my bitcoins to your address, which would then be confirmed on the network (after about 10min) - you could then spend them again once confirmed. They would show up in your wallet (on the address I send them to).

A wallet can have unlimited amount of address (there maybe a limit but for sake of argument).

By default a transaction fee of about 0.0001 bit coins is applied to, which is paid to the miners who maintain the block chain.
This is how it will continue to work once all coins have been mined.

 

[Jay.S]

I'll PM you

 

[Chip-mk1]

Ps

one threat I see to bit coins is that at the race the mining arms race is going it's going to get slaughtered in the press for it's horrifically bad environmental impact.
The energy consumption of the network is going to get ridiculous as prices rise.

 

[Addicted]

Ps

one threat I see to bit coins is that at the race the mining arms race is going it's going to get slaughtered in the press for it's horrifically bad environmental impact.
The energy consumption of the network is going to get ridiculous as prices rise.

True, though ASICs are pretty efficient, and we're only going to see it get more efficient

The 22nm new asics coming out are pretty damn impressive!

 

[mace¬]

I've just cancelled my pension and I'm going to invest the funds into bitcoins. Pension wasn't exactly setting the world alight.

 

[Chip-mk1]

True, though ASICs are pretty efficient, and we're only going to see it get more efficient

The 22nm new asics coming out are pretty damn impressive!

Still am arms race though, being more efficient just mean people will mine harder for the same budget of electricity, it wont lower the amount of electricity used.

 

[mace¬]

Still am arms race though, being more efficient just mean people will mine harder for the same budget of electricity, it wont lower the amount of electricity used.

Move to Iceland setup the first green mining company using thermal vents for power (or whatever s**t it is they use) and charge a premium to eco warriors for processing time.

 

[Addicted]

Still am arms race though, being more efficient just mean people will mine harder for the same budget of electricity, it wont lower the amount of electricity used.

Sure it will, most people are not driven by electrical costs but actual ASIC costs

I am in agreement though that it's a waste of electricity, but hey ho, there's worse things to waste it on.

Move to Iceland setup the first green mining company using thermal vents for power (or whatever s**t it is they use) and charge a premium to eco warriors for processing time.

Power is free in Iceland anyway isn't it? And you basically have all of your cooling sorted for free too!

 

[Addicted]

Forgot to post this earlier:

https://bitcointalk.org/index.php?topic=346134.0

This is a facility owned by one of the guys who runs ASICMiner, probably the most successful Bitcoin hardware producer!

It's insane.

 

[Jay.S]

So last night I nearly bought some BTC from someone local. I then started to think how will I get the Quark coins I actually want?

If I've got my BTC in my BTC wallet and I set up a Quark wallet when it comes to exchanging and I swap my BTC for them would they then ask for my Quark wallet ID?

Addicted not sure if my PM worked last night as the site went down for maintenance.

 

[Addicted]

Hey, Yeah I meant to reply will do it now - I tried to but site went fecked for me too!

Basically they get sent to your wallet, you then send them to an exchange (they have a deposit address unique to u), once its on the exchange you just exchange it for Quark, job done!

 

[kpowell911]

Forgot to post this earlier:

https://bitcointalk.org/index.php?topic=346134.0

This is a facility owned by one of the guys who runs ASICMiner, probably the most successful Bitcoin hardware producer!

It's insane.

And people still try and do it from home :S

 

[Chip-mk1]

Forgot to post this earlier:

https://bitcointalk.org/index.php?topic=346134.0

This is a facility owned by one of the guys who runs ASICMiner, probably the most successful Bitcoin hardware producer!

It's insane.

Perfect example of the environmental impact the arms race for mining is causing.

 

[Chip-mk1]

Price at the moment just seems to be sliding up and down between about 800 and 950 or so most of the time when I check it, not really recovering or crashing.

 

[Addicted]

Yeah pretty much, lots of pros making/taking money from the amateur traders essentially.

 

[Chip-mk1]

It needs amazon to adopt it. That would probably send the price up ten fold and it would make sense for them to compete with eBay/paypal but I guess as the moment it's not stable enough.

Biggest problem it has IMHO is the anonymous nature of transactions makin it hard to prove you have paid but if amazon acted as a middle man in their sales then they would create that traceability.

Couple years off at least though I suspect.