(11-21-2013 07:51 PM)Jeans Wrote:  

(11-21-2013 03:50 PM)pants Wrote:  

(11-21-2013 03:41 PM)friheten Wrote:  You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.

Friheten, can you elaborate on these Mastercoins, or point me in a good direction?

I found some stuff, but its a bit to code-techy for a mechanical engineer.

Can you also elaborate on the mining contracts? On the face of it they look like a safe, if not wildly profitable investment.

Where are you buying these contracts from, and what is a good deal on one more or less. How many bitcoins can you expect to be mined into your wallet and over how long a period of time?

Got five 30GH contracts for a year at http://e-pickaxe.com/. They are 1000$ each and paying with bitcoins I got 10% extra so that's 165GH for 5000$. Did my research and this was the cheapest offer. That is 33$/GH. I just got my first payment for a day witch was 0.12 BTC. So 1.5% back after one day. Using several mining calculators I get different results however they all promise me to have the money back in between two or three months. The real outcome is impossible to say. However if the BTC/USD price keeps rising I might but even more GH. Do your research.

https://www.cex.io/ is also an option since you can buy shares of GH, and then sell it when you don't want it. But they are really expencive.

There is also some contracts at 10$/GH but they are starting in January or later and that's not a risk I like to take. The profit from mining will and are decreasing a lot. When this is out I don't think my 165GH will give so much. https://hashfast.com/shop/sierra-third-batch/

(11-21-2013 03:41 PM)friheten Wrote:  You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.

I think putting resources into minor alt-coins is a waste. The game with cryptocurrencies is to get big and popular as fast as possible - think Ebay, Google and Amazon. They grew super fast and that's why they dominate now. It'll be the same with BTC, and possibly LTC hanging on its coat-tails.

Success leads to success. If you don't have widespread merchant acceptance you have nothing.

(11-23-2013 10:29 AM)Acute Angle Wrote:  

(11-21-2013 03:41 PM)friheten Wrote:  You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.

I think putting resources into minor alt-coins is a waste. The game with cryptocurrencies is to get big and popular as fast as possible - think Ebay, Google and Amazon. They grew super fast and that's why they dominate now. It'll be the same with BTC, and possibly LTC hanging on its coat-tails.

Success leads to success. If you don't have widespread merchant acceptance you have nothing.

Yeah you are right and this is my thoughts as well. I don't see any of the other currancys having any real advantages, that would make them popular. Especially LTC. However Mastercoins are interesting since they are built on top of the Bitcoinchain and there is a lot of work being done at the moment.

This site is interesting: fiatleak.com it shows what currencies are being converted into Bitcoins. Tons of people in China are buying up Bitcoins at a rate of 10 to 1 compared to the US dollar.

BTW: I hope you guys that have a little stockpile have been taking some profits or have at least recovered what you have put into it. But given that all these new Chinese investors are coming in, it will probably reach $1,500 a BC soon.

Tip to newbies: don't buy from Coinbase. They routinely fail to go through with orders to buy bitcoins whenever they get more expensive and just return your money. Plus, they are overpriced on there.

Oh Canada, why you so cheap?

[attachment=15559]

(11-23-2013 10:28 AM)friheten Wrote:  

(11-21-2013 07:51 PM)Jeans Wrote:  

(11-21-2013 03:50 PM)pants Wrote:  

(11-21-2013 03:41 PM)friheten Wrote:  You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.

Friheten, can you elaborate on these Mastercoins, or point me in a good direction?

I found some stuff, but its a bit to code-techy for a mechanical engineer.

Can you also elaborate on the mining contracts? On the face of it they look like a safe, if not wildly profitable investment.

Where are you buying these contracts from, and what is a good deal on one more or less. How many bitcoins can you expect to be mined into your wallet and over how long a period of time?

Got five 30GH contracts for a year at http://e-pickaxe.com/. They are 1000$ each and paying with bitcoins I got 10% extra so that's 165GH for 5000$. Did my research and this was the cheapest offer. That is 33$/GH. I just got my first payment for a day witch was 0.12 BTC. So 1.5% back after one day. Using several mining calculators I get different results however they all promise me to have the money back in between two or three months. The real outcome is impossible to say. However if the BTC/USD price keeps rising I might but even more GH. Do your research.

https://www.cex.io/ is also an option since you can buy shares of GH, and then sell it when you don't want it. But they are really expencive.

There is also some contracts at 10$/GH but they are starting in January or later and that's not a risk I like to take. The profit from mining will and are decreasing a lot. When this is out I don't think my 165GH will give so much. https://hashfast.com/shop/sierra-third-batch/

Have Pm'd you Friheten.

Does anyone know the mining contractors play? Do they feel that bitcoin is going to fail so they are better to sell the capacity? Or they are already mining and the capacity is going unused untill you fund it?

Why wouldnt they just keep the bitcoin?

How do you make money from bitcoin?

Just purchase it when it's low, wait till it gets up then sell it? It's about 800 right now.

(11-24-2013 09:54 PM)Bricks Wrote:  Have Pm'd you Friheten.

Does anyone know the mining contractors play? Do they feel that bitcoin is going to fail so they are better to sell the capacity? Or they are already mining and the capacity is going unused untill you fund it?

Why wouldnt they just keep the bitcoin?

If they sell the power instead of using it them self they can put the money into new power. Most of this new ACIS you need to preorder. Of course as with any company they are the biggest winner since they will get new power and make a profit from yours. So instead of waiting a year they sell it to you now, they take the money and buy more power.

The best would of course to buy my own mining equipment but since I'm travelling I can't.

I was right. LTC is rising. I might end up making more on LTC than I ever did on bitcoin.

Where can I buy LTC? is there a coinbase for it?

(11-25-2013 03:46 PM)Pyre Wrote:  Where can I buy LTC? is there a coinbase for it?

You can only buy it directly on BTC-e. However, a better way is to trade BTC for LTC on BTC-e. That is how I bought my LTC.

...or you can try to mine LTC.

I'm mining LTC, but not a super serious effort since it's just 1 GPU I'm using (about 80 k hash/s, nothing amazing). However, since my computer at home is on and doing nothing, might as well. Texas have you been buying them as you say? I may do that to supplement mining.

notice it keeps running out of steam around $850 price level.

(11-25-2013 04:09 PM)Menace Wrote:  I'm mining LTC, but not a super serious effort since it's just 1 GPU I'm using (about 80 k hash/s, nothing amazing). However, since my computer at home is on and doing nothing, might as well. Texas have you been buying them as you say? I may do that to supplement mining.

I have been trading some of my excess BTC for LTC on BTC-e.

Also, mine LTC while you can. ASIC mining rigs are currently being built for Litecoin:

http://www.coindesk.com/asic-miners-litecoin-soon/

Once these hit the market, you won't be able to mine efficiently anymore with a GPU.

(11-25-2013 04:13 PM)chyamor Wrote:  notice it keeps running out of steam around $850 price level.

Not enough transactions to justify a higher price.

I am not putting all my eggs in one basket. I am hold some in BTC and some LTC.

The first of these to be adopted widely by a major store (Walmart, Target, Best Buy, Macy's, etc.) is going to send the value to the moon.

(11-25-2013 04:18 PM)The Texas Prophet Wrote:  

(11-25-2013 04:13 PM)chyamor Wrote:  notice it keeps running out of steam around $850 price level.

Not enough transactions to justify a higher price.

I am not putting all my eggs in one basket. I am hold some in BTC and some LTC.

The first of these to be adopted widely by a major store (Walmart, Target, Best Buy, Macy's, etc.) is going to send the value to the moon.

Maybe but your average guy is not going to buy 1 btc for 800 dollars that could be worth 600 by the time he goes to Macys. It's going to have to stabilize first.

(11-25-2013 04:20 PM)el mechanico Wrote:  

(11-25-2013 04:18 PM)The Texas Prophet Wrote:  

(11-25-2013 04:13 PM)chyamor Wrote:  notice it keeps running out of steam around $850 price level.

Not enough transactions to justify a higher price.

I am not putting all my eggs in one basket. I am hold some in BTC and some LTC.

The first of these to be adopted widely by a major store (Walmart, Target, Best Buy, Macy's, etc.) is going to send the value to the moon.

Maybe but your average guy is not going to buy 1 btc for 800 dollars that could be worth 600 by the time he goes to Macys. It's going to have to stabilize first.

They won't be shopping with BTC or LTC directly. The major stores will simply allow customers to buy their gift cards with BTC or LTC and then shop. Think about all the credit/debit card fees saved by them if they do this.

(11-25-2013 04:23 PM)The Texas Prophet Wrote:  

(11-25-2013 04:20 PM)el mechanico Wrote:  

(11-25-2013 04:18 PM)The Texas Prophet Wrote:  

(11-25-2013 04:13 PM)chyamor Wrote:  notice it keeps running out of steam around $850 price level.

Not enough transactions to justify a higher price.

I am not putting all my eggs in one basket. I am hold some in BTC and some LTC.

The first of these to be adopted widely by a major store (Walmart, Target, Best Buy, Macy's, etc.) is going to send the value to the moon.

Another HUGE issue is going to be the state department of revenue. These fine folks like to seize bank accounts when they think you don't pay them enough and the IRS as well.

Maybe but your average guy is not going to buy 1 btc for 800 dollars that could be worth 600 by the time he goes to Macys. It's going to have to stabilize first.

They won't be shopping with BTC or LTC directly. The major stores will simply allow customers to buy their gift cards with BTC or LTC and then shop. Think about all the credit/debit card fees saved by them if they do this.

Funny you say that I'm thinking about NOT accepting credit cards any more. They take enough from me a month to make a new car payment. For what? I will gladly accept BTC or LTC though...

The problem is they're not going to like it and may put some serious pressure on our Gov.

El:mech prediction... The rest of the world gets to use BTC except us. And they love it!

Then you have the issue of consumer protection. No chargebacks with cryptos. Americans are fickle and need security.

(11-25-2013 04:20 PM)el mechanico Wrote:  

(11-25-2013 04:18 PM)The Texas Prophet Wrote:  

(11-25-2013 04:13 PM)chyamor Wrote:  notice it keeps running out of steam around $850 price level.

Not enough transactions to justify a higher price.

I am not putting all my eggs in one basket. I am hold some in BTC and some LTC.

The first of these to be adopted widely by a major store (Walmart, Target, Best Buy, Macy's, etc.) is going to send the value to the moon.

Maybe but your average guy is not going to buy 1 btc for 800 dollars that could be worth 600 by the time he goes to Macys. It's going to have to stabilize first.

Thats a good point. I bought a bitcoin two weeks ago, and am thinking of selling it. In the act of a major store/ company accepting bitcoins, the price will suddenly skyrocket and become much more volatile, undermining its case as an acceptable currency for transactions (as opposed to a speculative investment).

(11-25-2013 04:44 PM)Cyr Wrote:  

(11-25-2013 04:20 PM)el mechanico Wrote:  

(11-25-2013 04:18 PM)The Texas Prophet Wrote:  

(11-25-2013 04:13 PM)chyamor Wrote:  notice it keeps running out of steam around $850 price level.

Not enough transactions to justify a higher price.

I am not putting all my eggs in one basket. I am hold some in BTC and some LTC.

The first of these to be adopted widely by a major store (Walmart, Target, Best Buy, Macy's, etc.) is going to send the value to the moon.

Maybe but your average guy is not going to buy 1 btc for 800 dollars that could be worth 600 by the time he goes to Macys. It's going to have to stabilize first.

Thats a good point. I bought a bitcoin two weeks ago, and am thinking of selling it. In the act of a major store/ company accepting bitcoins, the price will suddenly skyrocket and become much more volatile, undermining its case as an acceptable currency for transactions (as opposed to a speculative investment).

Chill out. This could get huge. Hold for now.

Coinbase will waive all fees on Friday, November 29th.

http://blog.coinbase.com/

As a proud sponsor of Bitcoin Black Friday, we’re happy to announce that Coinbase will waive all fees on Friday, November 29th. Coinbase users can buy, sell, send and receive bitcoins for free, all day long.

If you’re interested in learning more about Bitcoin Black Friday, check it out here. It’s a great event that brings the entire bitcoin community one step closer to main stream merchant adoption!

I posted this on the other thread also. I myself am learning still, but maybe it helps others.

(I put this in the other bitcoin thread as well)

Tip to newbies, you don't need to pay for a wallet service to store bitcoins or litecoins.

There exists bitcoin-qt and litecoin-qt that are put out by the orgs running bitcoin and litecoin. These wallets are free and can be encrypted and store your crypto-currency on you computer. Bitcoin-qt takes about a day to download the entire blockchain and litecoin-qt takes a few hours to download the entire blockchain.

http://bitcoin.org/en/download

https://litecoin.org/

Litecoin is really taking off! 300% in less than a month!

http://coinmarketcap.com/

Wait, its more like 400-500%...