The Bitcoin (BTC) thread

(04-14-2013 10:16 AM)pants Wrote:  No. Compare it to gold.

To find gold, you need a hoe, to find bitcoins you need a GPU.

However you can buy gold without finding it yourself, similar with bitcoin.

However if you lose your pick, you don't lose the gold you discovered with it. Same thing with bitcoins.

Only difference is you actually would need a network in order to transfer a bitcoin. But if the internet got switched off today, the bitcoin would still be there when switched on again.

If someone creates a way to have the bitcoin and ltc network without the internet(i.e. another network) that anyone can connect to anytime, then it'd change everything.

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Ltc 4 life

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(04-13-2013 07:17 AM)ElJefe Wrote:  Yeah, but I was not careful and greed got the better of me. Got annihilated.

Am down to 0.77 btcs. This is the last of what I got. Will try and make it grow, but it's like a guerilla campaign, haha

heard about your losses. you should've invested in LTC :/

Make them back by investing in LTC now.

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Im thinking we should all troll the troll box at once and hype in agreement then make our trades. Rvf vs trolls I'm thinking of a plan now

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We should get a chat for this stuff.

BTC/TRC has some serious activity. You can profit really nicely if you jump in at right time.

I lost 0.7 BTC/3 BTC then made it all back after doing some trades.

lol.

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What scares me away from trading the altcoins (TRC, NMC, PPC etc) is the super stacked sell:buy volume. I mean it's like 500:1 - 1000:1 at any given time sell to buy volume. Seems like that shit could fall off the face of the planet any second! I'll probably still buy some of each anyway though, in the off chance they blow up one day.

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Guys buy TRC... you can seriously profit big from it. HIGH RISK HIGH RETURN 4 LIFE

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Almost up 100%... insane stuff TRC. I got 40% of that.

lololol this shit is funny as hell. you can make so much money fast, or get fucked up.

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With the alt currencies it's so easy to make money if you just watch the charts all day.

Guys you seriously need to invest in this. You'll gain investing experience and make bank.

TRC went up 400% in less than half a day. INSANE. well it crashed but I was able to cash out before then. love this.

I wish I had more money to throw around. I'd make bank.

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Trading these is no different than the roulette wheel. Sure you may hit a number or two, but over time you are going to get crushed.

Don't confuse luck with trading skill. If any of you were actually skilled traders, you'd be making 7-8 figs per annum on a HF desk.

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(04-14-2013 11:26 PM)horn Wrote:  Trading these is no different than the roulette wheel. Sure you may hit a number or two, but over time you are going to get crushed.

Don't confuse luck with trading skill. If any of you were actually skilled traders, you'd be making 7-8 figs per annum on a HF desk.

Well no shit, dude. But you have to start somewhere, right?

p.s. I don't have any money in bitcoin, but this is fun to spectate.

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Time for a Buzz Killington clip

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Here it is..

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(04-14-2013 11:26 PM)horn Wrote:  Trading these is no different than the roulette wheel. Sure you may hit a number or two, but over time you are going to get crushed.

Don't confuse luck with trading skill. If any of you were actually skilled traders, you'd be making 7-8 figs per annum on a HF desk.

and the asshole of the day goes to...

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Bought an ATI 7950 to mine, apparently the $400 card will profit $485 (after cost of card/electricity) over a year according to this calc: https://bitclockers.com/calc
That's 120% gain on one year's investment. If everything checks out and it's easy to convert BitCoins to cash or make purchases with, that's a damn good return, $485 isn't much, but percentage wise, it's a lot.. if things pan out I'll consider buying more cards. Now that return will depend of course on the btc price and however the difficulty / output changes. One way or another, it will most likely not be 120%, and if so, sheer coincidence, it's so volatile. I still don't fully get the system, but what the heck, sounds fun and I'll figure it out as I go, I always learn more by doing.. besides the card comes with FARCRY3 BLOOD DRAGON!!! Once a year I like to sock away and play out one FPS, that game looks so intentionally cheesy and cliche, it's right up my alley.
At 21:00 in the interview from the OP, he mentions how the processing power of the card is the facilitation of the system, and the payment is the reward for doing so.

The currency has value as long as you can find one person to exchange with, it does not matter how widely recognized the currency is. Learning about this goes well with the Ascent of Money video I'm watching now.

What I find funny about this.. if GPUs can turn a profit, I can imagine a house getting raided with a tip from the power company (marijuana grow ops are always happening here) -- cops knock down the door and find an entire house rigg'd up with GPU cards... fans spinning like mad, house at 100F...

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and what if the value of the coin drops to $10? Do you still make $ mining?

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(04-15-2013 02:14 PM)tjuan Wrote:  Bought an ATI 7950 to mine, apparently the $400 card will profit $485 (after cost of card/electricity) over a year according to this calc: https://bitclockers.com/calc
That's 120% gain on one year's investment. If everything checks out and it's easy to convert BitCoins to cash or make purchases with, that's a damn good return, $485 isn't much, but percentage wise, it's a lot.. if things pan out I'll consider buying more cards. Now that return will depend of course on the btc price and however the difficulty / output changes. One way or another, it will most likely not be 120%, and if so, sheer coincidence, it's so volatile. I still don't fully get the system, but what the heck, sounds fun and I'll figure it out as I go, I always learn more by doing.. besides the card comes with FARCRY3 BLOOD DRAGON!!! Once a year I like to sock away and play out one FPS, that game looks so intentionally cheesy and cliche, it's right up my alley.
At 21:00 in the interview from the OP, he mentions how the processing power of the card is the facilitation of the system, and the payment is the reward for doing so.

The currency has value as long as you can find one person to exchange with, it does not matter how widely recognized the currency is. Learning about this goes well with the Ascent of Money video I'm watching now.

What I find funny about this.. if GPUs can turn a profit, I can imagine a house getting raided with a tip from the power company (marijuana grow ops are always happening here) -- cops knock down the door and find an entire house rigg'd up with GPU cards... fans spinning like mad, house at 100F...

Just do some day trading if you want fast returns. I'm almost at 100% return on my initial investment.

I could be over a thousand % had I made a few different decisions(that an otherwise experienced trader would have.)


Mining gets harder over time.

it’ll become harder and harder to mine the more important currencies over time such that your gpu setup won’t be worthy in a few months.

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If it drops to $10 then it's all about Blood Dragon. At some point, I think the mining reward must require to be a minimum to have people facilitating the system, nobody is going to run their GPUs at a loss, if nobody's running their GPUs, I imagine the system becomes illiquid, unable to process transactions. I'm curious what the mining difficulty curve will be, that's something the calculator does not take into consideration; I also imagine the advancement of GPUs, their ease of mining is a factor of increasing the difficulty, works along with degrading the value of any existing GPU.

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NYD give me an example of how you are trading? I'm getting bored.

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From what I understand, getting into Bitcoin mining without ASICs at this point is not going to be very profitable.

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Why is bitcoin dropping? Same reason gold is dropping?

Last crash, it was a slow slide for three months downwards, many investors might view this as a similar situation, which will just make that to become the truth.

I do not like this trend. But I'm still in it for the long run. > year

Ordered some domain and hosting with bitcoin for payment, very easy.

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slowly edging my way back

have turned my 0.77BCTS into 0.72 and 250USD, most of that today. A long, slow death to bitcoin would be the perfect scenario.

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I think I'm going to let Hencredible work my account tomorrow

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I'll post tomorrow as I've been busy. dude let me do it! you don't understand how happy I'd be

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(04-15-2013 06:49 PM)ElJefe Wrote:  slowly edging my way back

have turned my 0.77BCTS into 0.72 and 250USD, most of that today. A long, slow death to bitcoin would be the perfect scenario.

Wrong attitude, wants to make a few bucks over seeing a technology who would be a great contribution.

"I think i will short some green energy stocks, all i want is a slow death for the solar panel industry"

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