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#21 dave_dub86

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Posted 11 November 2013 - 12:31 PM

It's value is only what people perceive it to be worth to them, it has no gold stores backing it up or any banking system controlling it. As strange as that sounds, it also means no inflation and no one controlling the price (QE).

#22 Tony H

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Posted 11 November 2013 - 12:37 PM

I am not knocking it. I can accept it has value today purely as currency. But how was its initial value seeded?



#23 dave_dub86

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Posted 11 November 2013 - 12:38 PM

They were easy to mine, but as more are mined the difficulty goes up so you'll get less than what you would have done a few months back. I worked out after spending a few hundred quid on the graphics cards and the electricity costs of leaving it going 24/7, it would take months to even get your money back let alone start making profit. If LTC shoots up to $10 which is what is predicted when Mt Gox host it, it would be worth it then but again for how long until the difficulty gets too high?

#24 slindborg

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Posted 11 November 2013 - 12:45 PM

So its 'better' to simply buy some litecoins, wait for them to go up in value and either buy bitcoins and wait again or cash out?



#25 dave_dub86

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Posted 11 November 2013 - 12:51 PM

That's basically my plan dude :) it is possible to mine other coins with lower difficulty as I say and swap them on the btc-e site. It's a strange time at the moment though as bitcoin is at record highs but it could still go up as the Chinese have discovered it and are buying it all. Litecoin is still pretty cheap in my opinion, but don't put into it what you can't afford to lose!

#26 siztenboots

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Posted 11 November 2013 - 02:25 PM

All about as much use as the Altairian Dollar, the Flainian Pobble Bead and the Triganic Pu

 



#27 jonnyboy

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Posted 11 November 2013 - 03:05 PM

Currency is just faith isn't it so unlikely anything meaningful would follow bitcoin. As soon as anyone figures out how to hack the mining system it will be all over.

#28 Jason

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Posted 12 November 2013 - 09:30 PM

I tried to buy some litecoins the other day and you have to jump through a lot of hoops. Can't use your plastic...

#29 TheRealVXed

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Posted 13 November 2013 - 04:29 PM

Bitcoins can be used as a black market currency on the web.... There lies their value I suspect



#30 kitcar765

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Posted 17 November 2013 - 06:26 PM

reached £320 today. bubble will probably burst soon. but i still see it reaching £1000 in the next 12 months after that pop. bought more. 



#31 kitcar765

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Posted 18 November 2013 - 01:20 AM

£335 now.

for anyone wanting to get into bit coins here is the easiest way

1. download a multibit wallet - this is where you put your bitcoins - this takes 2 minutes - here is the website https://multibit.org/

2. the multibit wallet gives you an address

3. go onto ebay and buy an amount of bitcoin from someone with good feedback score, say for example 0.10 bitcoin. message the seller your address.

Now you have bitcoin!

As easy as that. I bought more yesterday just using the three steps above.  



#32 kitcar765

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Posted 18 November 2013 - 08:39 AM

£385



#33 kitcar765

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Posted 18 November 2013 - 11:57 AM

[color=rgb(51,51,51);font-family:'lucida grande', tahoma, verdana, arial, sans-serif;font-size:13px;]guy in america is just cashing out his bitcoins. he has 21,296 bitcoins.[/color]
[color=rgb(51,51,51);font-family:'lucida grande', tahoma, verdana, arial, sans-serif;font-size:13px;]Which are now worth...[/color]
[color=rgb(51,51,51);font-family:'lucida grande', tahoma, verdana, arial, sans-serif;font-size:13px;]£8,390,624[/color]

 



#34 siztenboots

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Posted 18 November 2013 - 12:17 PM

TeamVXRacing mining

http://www.bitcoinpl...te?for=30702922

#35 siztenboots

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Posted 18 November 2013 - 12:37 PM

actually that website link is a naff , so using Ufasoft coin app now

#36 Jason

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Posted 18 November 2013 - 12:42 PM

From my research it's not worth mining unless you have free electricity and buy decent hardware. I do love in a hotel so have free electric 5 days a week but would still need to invest in dedicated hardware. Just buy into it...

#37 fezzasus

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Posted 18 November 2013 - 12:43 PM

actually that website link is a naff , so using Ufasoft coin app now

 

Surely now it's above 50 % mined the best way to obtain bitcoins is to purchase?



#38 siztenboots

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Posted 18 November 2013 - 12:47 PM

50% which, BTC? I'm setting up a Windows HPC here so have cpu cycles to burn , plus some Kepler cards to test.

#39 fezzasus

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Posted 18 November 2013 - 01:12 PM

Yes, BTC.

 

Only the latest ASICs are cost effective for mining. Best approach would be to mine an Altcoin with lower difficulty, then convert.



#40 kitcar765

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Posted 18 November 2013 - 03:49 PM

extremely long term it probably is worth joining a mining pool. But buying in seems most sensible at the moment. as bitcoin is soo young. and adoption is only slowly starting at the moment. its still very early days. You would still be a pioneer buying now. i see at least £1000 by the end of 2014. The fed will announce no taper on wednesday and send BTC higher again.






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