221 replies to this topic

[dave_dub86]

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).

[Tony H]

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

[dave_dub86]

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?

[slindborg]

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?

[dave_dub86]

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!

[siztenboots]

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

 

[jonnyboy]

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.

[Jason]

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

[TheRealVXed]

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

[kitcar765]

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. 

[kitcar765]

£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.  

[kitcar765]

£385

[kitcar765]

[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]

 

[siztenboots]

TeamVXRacing mining

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

[siztenboots]

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

[Jason]

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...

[fezzasus]

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?

[siztenboots]

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

[fezzasus]

Yes, BTC.

 

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

[kitcar765]

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.