TOPIC: Has anyone in here invested in bitcoins?

If you're technical enough, you can actually "mine" your own.  Crazy concept, eh?  But it's a real process.

http://startbitcoin.com/
http://www.bitcoinmining.com/

There was an article on this site about bitcoins,but I think It's gone now as with the article about S,road

If you're technical enough, you can actually "mine" your own.  Crazy concept, eh?  But it's a real process.

http://startbitcoin.com/
http://www.bitcoinmining.com/

This is what my busisness was going to be based aorund for the most part. I wouldn't reccomend anyone here try it though unless they built a super computer specifically designed to mine bitcoin also know as an ASIC ( Application-specific integrated circuit ) there are companies making millions right now selling computers that can mine bitcoin hundreds of thousands of times better and faster than your home computer. I wouldn't reccomend wasting your money on those either because by the time you get it then it will be useless because everyone else will have it and you have to understand part of the algorithm as to why that's so.

haha this is so funny because me and 2 friends just sold a couple of bitcoins, we sold them at $250 though which, now, turns out to be a mistake because they are around 600-700$ haha

anyway we are going to continue with mining bitcoins- and litecoins which are still pretty cheap but could easily be the next bitcoin because they are 2nd mover thus any 'mistakes' bitcoin goes through can be fixed in the litecoin system

haha this is so funny because me and 2 friends just sold a couple of bitcoins, we sold them at $250 though which, now, turns out to be a mistake because they are around 600-700$ haha

anyway we are going to continue with mining bitcoins- and litecoins which are still pretty cheap but could easily be the next bitcoin because they are 2nd mover thus any 'mistakes' bitcoin goes through can be fixed in the litecoin system

I agree. Just bought 6.5 litecoins.

haha this is so funny because me and 2 friends just sold a couple of bitcoins, we sold them at $250 though which, now, turns out to be a mistake because they are around 600-700$ haha

anyway we are going to continue with mining bitcoins- and litecoins which are still pretty cheap but could easily be the next bitcoin because they are 2nd mover thus any 'mistakes' bitcoin goes through can be fixed in the litecoin system

crazy how just a couple months ago a bitcoin was valued at around $200.  This past week its gone up over another $100 sitting at $830.

Apparently now something about the governemnt or something stating its legit (?) also some mroe bigger supporters came aboard like Virgin

haha this is so funny because me and 2 friends just sold a couple of bitcoins, we sold them at $250 though which, now, turns out to be a mistake because they are around 600-700$ haha

anyway we are going to continue with mining bitcoins- and litecoins which are still pretty cheap but could easily be the next bitcoin because they are 2nd mover thus any 'mistakes' bitcoin goes through can be fixed in the litecoin system

crazy how just a couple months ago a bitcoin was valued at around $200.  This past week its gone up over another $100 sitting at $830.

Apparently now something about the governemnt or something stating its legit (?) also some mroe bigger supporters came aboard like Virgin

Congressional hearings determining the status/legality of virtual currency. Obviously BTC was specifically mentioned. Basically they believe that there is potential in it and that it can be regulated. So it went better than expected.

The other big thing is that China has now been hopping on the bandwagon. The chinese exchange has been seeing MASSIVE volume since its recent open.

I'd avoid bit coins. This alternative currency is nothing more than a currency alternative akin to gold comex and silver. Bitcoins right now are nothing more than a bubble. When the value craters (it will) there will be an opposite effect and a lot of people will lose out. I have been an investor and trader for many years so trust me when I say this.

I'd avoid bit coins. This alternative currency is nothing more than a currency alternative akin to gold comex and silver. Bitcoins right now are nothing more than a bubble. When the value craters (it will) there will be an opposite effect and a lot of people will lose out. I have been an investor and trader for many years so trust me when I say this.

Almost every currency in existence (including any fiat currency) has no intrinsic value besides that which the population put in it. BTC is becoming not only widely recognized, but also accepted. Its structure and design make it an attractive means of exchanging money and goods. There is no reason why the value should crater. There is PLENTY of money to be made by holding long, as well as day trading due to the extremely volatile day to day price fluctuations.

My point being is that it is not recognized to the extent as the currency via USD CAD etc. The general premise behind the current fiat currency is that the government declares it legal tender. While it's value can largely be destroyed it still is recognized as the country's currency. The central government also dictates rates and money supply. Bit coins are just speculation tools like the futures market.

anyway we are going to continue with mining bitcoins- and litecoins which are still pretty cheap but could easily be the next bitcoin because they are 2nd mover thus any 'mistakes' bitcoin goes through can be fixed in the litecoin system

What hookup are you using to mine bitcoins?

My laptop is way too weak.. 

For an easy beginners introduction to bitcoins i recommend reddit.com/r/bitcoin

go in there, look at the FAQ and beginners subs on the right and start reading.

PRos and cons of bitcoin:

currently highly volatile and sensitive to media coverage and trading currency site manipulations.

so people who bought it at $10 a coin are laughing their way to the bank its now $900 a coin.

the cycle is usually huge peak, then huge bust, then climb, then bigger peak and so on.

the bit coin reddit peeps seem to think these bubbles will keep going for a few more years.

my recommendation, dont buy a lot, but buy when the next crash happens [no point buying now as the price is heavily heavily overinflated because china started considering trading some of its online stuff in bitcoins], and its gone down.

Also use this with play money, dont put your lifes deposits into something so hugely volatile.

if you play it cool, you have a potential to win very big. its like the gold mine wild west phase at the moment.

cons:

tax considerations regarding bitcoins. again the reddit link i gave covers this, but people can and have in the past been fuck you'd when dealing with shares and tax. same issue with cashing out bitcoins. consult a tax accountant when you end up selling big.

very volatile currency currently can fuck up just over one night, also the feds are trying to think of ways to shut it down.

not stable, value is only derived from speculation at the moment rather than its benefits as being a fast anonymous currency, with no transaction fees.


its a gamble and treat it as such. i'm still kicking myself that i didnt buy when they were only a few cents each.