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The Bitcoin (BTC) thread
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Teutatis Offline
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Post: #1326
RE: Bitcoins up 60% in less than a month
(02-28-2014 12:22 AM)JayJuanGee Wrote:  Certainly, you have NOT read this whole thread...
...
And also, maybe read various posts in this thread a little more thoroughly...

I appreciate your point but like I said, I've been following bitcoin and reading about it since it was on the $30s last year, I know a bit about it and so far nothing is pointing to the direction of bitcoin ever becoming a credible currency so I don't share the forum's enthusiasm with it.

Hope I'm wrong though because it would really benefit me to use it.
02-28-2014 12:41 AM
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Post: #1327
RE: Bitcoins up 60% in less than a month
(02-27-2014 11:21 PM)svenski7 Wrote:  are the mining contracts priced to the current btc price or are they pretending its still $1k/coin? If they are anywhere near $600/coin then it might be worth looking into...

pants, u still into contracts?
What mining contracts are you looking at? If the price is in $ and you pay with bitcoin they will use the latest rate.
02-28-2014 01:02 AM
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JayJuanGee Offline
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Post: #1328
RE: Bitcoins up 60% in less than a month
(02-28-2014 12:41 AM)Teutatis Wrote:  
(02-28-2014 12:22 AM)JayJuanGee Wrote:  Certainly, you have NOT read this whole thread...
...
And also, maybe read various posts in this thread a little more thoroughly...

I appreciate your point but like I said, I've been following bitcoin and reading about it since it was on the $30s last year, I know a bit about it and so far nothing is pointing to the direction of bitcoin ever becoming a credible currency so I don't share the forum's enthusiasm with it.

Hope I'm wrong though because it would really benefit me to use it.

Guys participating in this thread do NOT represent the forum regarding the future of bitcoin... It seems to me that guys in this thread are just looking at bitcoin for a variety of reasons.. and through this thread sharing information regarding bitcoin, mining and other crypto-currencies. The title of the thread suggests investment discussion(s).

I have only been looking into bitcoin investment(s) since November 2013... so apparently you were introduced to bitcoin much before me; however, you have NOT really explained how your reach your conclusions that really seem superficial.. and I suppose we can take your word that you "know about bitcoin." Have you bought any bitcoin or set up any account or done anything else with bitcoin besides generally "knowing" about it?

Your seem to be taking one or two aspects of bitcoin and then simplifying bitcoin, which reminded me of this post on the bitcointalk forum:

https://bitcointalk.org/index.php?topic=...msg5419341

Therein one poster is trying to narrow the discussion of bitcoin away from stocks; however, bitcoin is NOT such a narrow and simple discussion. Here's what I consider the relevant part of the response:

Quote:>>>>>>Quote from: kkaspar on Today at 03:51:29 PM::::

Please stop comparing bitcoin to stocks. It is kind of annoying how people like to describe bitcoin by whatever suits the particular argument. In general it's a currency, but when an argument arises that it is a currency of low quality, then it suddenly becomes a stock. And If I explain that if bitcoin is a stock, then you are buying stock from a company that actually uses it's resources without any gain, then I'l bet it becomes a commodity. Imagine a company that digs a hole, then covers it up again, then digs it again and repeats the process to eternity. But the company is saying that this use of resources is very constructive, and some fools believe it. This would be the case if bitcoin would be anywhere near in being a stock. But, bitcoin is not a stock and it's nowhere close to being a stock. It's a commodity at best.<<<<<<<<<<<<

Response of AMinodex:


I'll stop making the comparison when it is no longer germane. Bitcoin is like a stock in the ways that it is like a stock. It is like a commodity in the ways in which it is like a commodity, and it is like a currency in the ways in which it is like a currency. It should not be surprising that something so fundamentally new and innovative should not be perfectly modeled by analogy with any one of its predecessors. It is like a stock in that purchasing it adds to the capitalization of the system, which makes it able to do things in the broader economy which can only be done with greater capitalization. It is like a stock in that capital invested adds to the growth of the organization and its productive capacity, which in this case lies at least in part in its ability to create economic efficiencies by disintermediation. That there are many use cases for bitcoin adds to its value and utility, and makes it more difficult to replace. When one thing can fulfill many functions which formerly were done by several things, life is improved, and wealth is increased. This is the case, for example, with smartphones. In that sense bitcoin is principally a network protocol. This is very different from a stock, a commodity, a note, a swap, or a currency. Yet it is also a fair and accurate characterization of bitcoin.

If you are unable to deal with the actual characteristics, the actual variety of use cases, the actual complexity of the relationship between bitcoin and the economy, then you might be better off applying your analytic efforts in another domain, more suited to your talents and interests.


Ultimately, Teutatis, I believe that you also are trying to be too simple about bitcoin, and I doubt that you have studied it or that you understand it, as you assert. Nonetheless, you are entitled to your opinion to believe that bitcoin is NOT going anywhere.
(This post was last modified: 02-28-2014 02:02 AM by JayJuanGee.)
02-28-2014 02:00 AM
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WestIndianArchie Offline
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Post: #1329
RE: Bitcoins up 60% in less than a month

http://www.westindianarchie.com/
02-28-2014 03:40 PM
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samsamsam Offline
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Post: #1330
RE: Bitcoins up 60% in less than a month
(02-28-2014 03:40 PM)WestIndianArchie Wrote:  This Mt Gox bankruptcy is crazy

http://www.reddit.com/r/Bitcoin/comments...d_you_lose

One guy says he has lost 4700 BTC - HOLY SHIT.

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02-28-2014 03:45 PM
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Post: #1331
RE: Bitcoins up 60% in less than a month
(02-28-2014 01:02 AM)friheten Wrote:  
(02-27-2014 11:21 PM)svenski7 Wrote:  are the mining contracts priced to the current btc price or are they pretending its still $1k/coin? If they are anywhere near $600/coin then it might be worth looking into...

pants, u still into contracts?
What mining contracts are you looking at? If the price is in $ and you pay with bitcoin they will use the latest rate.

I looked into mining contracts on eBay/WWW about six months ago and they seemed overpriced.

For example, if 1 btc was selling for $700 and you knew the mining contract was going to get around 1 btc, they were charging $800 usd. This would have been more reasonable if I believed btc was going to "da moon" but at the time I thought we were in a bubble.

Now that btc is around $550...I'm wondering if the mining contracts have been adjusted accordingly. I think btc is heading back up and wouldn't mind getting some extra Mh/s to hedge that bet.

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02-28-2014 05:16 PM
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Teutatis Offline
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Post: #1332
RE: Bitcoins up 60% in less than a month
(02-28-2014 02:00 AM)JayJuanGee Wrote:  Ultimately, Teutatis, I believe that you also are trying to be too simple about bitcoin, and I doubt that you have studied it or that you understand it, as you assert. Nonetheless, you are entitled to your opinion to believe that bitcoin is NOT going anywhere.

Why the condescending tone? If you're happy with bitcoin then great for you, I wish you make a lot of money with it.

I also don't understand why you mentioned stocks. Bitcoin and stocks are nothing alike. I do own stocks, I don't own bitcoin.
02-28-2014 07:20 PM
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Vacancier Permanent Offline
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Post: #1333
RE: Bitcoins up 60% in less than a month
So now that this Bitcoin fad is over, how much have you guys lost in all this fiasco? I was tempted at one point to get in on the action, but my gut feeling me told me this wouldn't last as it was just a fad. Sad to see it materializing.
(This post was last modified: 02-28-2014 08:11 PM by Vacancier Permanent.)
02-28-2014 08:11 PM
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JayJuanGee Offline
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Post: #1334
RE: Bitcoins up 60% in less than a month
(02-28-2014 07:20 PM)Teutatis Wrote:  
(02-28-2014 02:00 AM)JayJuanGee Wrote:  Ultimately, Teutatis, I believe that you also are trying to be too simple about bitcoin, and I doubt that you have studied it or that you understand it, as you assert. Nonetheless, you are entitled to your opinion to believe that bitcoin is NOT going anywhere.

Why the condescending tone? If you're happy with bitcoin then great for you, I wish you make a lot of money with it.

I also don't understand why you mentioned stocks. Bitcoin and stocks are nothing alike. I do own stocks, I don't own bitcoin.

I am NOT trying to be condescending... so I apologize if I gave that tone.

I DO NOT claim to be any kind of expert in bitcoin or any other investment, for that matter, - even though I have certain timed dollar cost averaging strategies that I attempt to employ in order to hedge my investment to the extent that it seems feasible.

Frequently, I do wonder, however, why some RVF guys, who are NOT at all invested in bitcoin, and disclose that they are NOT even considering investing in BTC feel some kind of urge to come to this thread and "contribute"... in order to let guys here, in this thread, know that they predict that investors in BTC are NOT going to make money.. etc etc.. various other claims that we could easily read in the mainstream media or do a Google search for such nonspecific and seemingly uninformed claims (or at least claims of doom and gloom for bitcoin that are NOT being backed up with any evidence beyond mere expressions of opinion).
02-28-2014 08:13 PM
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JayJuanGee Offline
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Post: #1335
RE: Bitcoins up 60% in less than a month
(02-28-2014 08:11 PM)Vacancier Permanent Wrote:  So now that this Bitcoin fad is over, how much have you guys lost in all this fiasco? I was tempted at one point to get in on the action, but my gut feeling me told me this wouldn't last as it was just a fad. Sad to see it materializing.


YOU TOO?>? VP ???? ---- A NAYSAYER???>>>> hehehe....


This bitcoin (or bitcorn as some like to call it) is far from over... .. and good time to buy.. in my thinking... but let other guys chime in...

VP ... get yourself an account set up.. and put $100 or something into the account (or maybe $50 per week).. The bitcoin may also come in handy during your SEA travels... multiple purposes for such bitcoin...
02-28-2014 08:22 PM
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el mechanico Offline
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Post: #1336
RE: Bitcoins up 60% in less than a month
VP . Drama coin will trade regardless of 800 or 20 and fluctuate wildly.
02-28-2014 08:36 PM
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Teutatis Offline
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Post: #1337
RE: Bitcoins up 60% in less than a month
(02-28-2014 08:13 PM)JayJuanGee Wrote:  Frequently, I do wonder, however, why some RVF guys, who are NOT at all invested in bitcoin, and disclose that they are NOT even considering investing in BTC feel some kind of urge to come to this thread and "contribute"... in order to let guys here, in this thread, know that they predict that investors in BTC are NOT going to make money.. etc etc..

Fair point

(02-28-2014 08:13 PM)JayJuanGee Wrote:  (or at least claims of doom and gloom for bitcoin that are NOT being backed up with any evidence beyond mere expressions of opinion).

I have to disagree with this part though, it's not just opinion, so far there's been more evidence in the direction of it not succeeding than the opposite. Like I said, if it does eventually succeed that will benefit me as well, so I'm not against it, I just don't see how it will, but let's wait and see what happens.
02-28-2014 09:48 PM
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JayJuanGee Offline
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Post: #1338
RE: Bitcoins up 60% in less than a month
(02-28-2014 09:48 PM)Teutatis Wrote:  
(02-28-2014 08:13 PM)JayJuanGee Wrote:  (or at least claims of doom and gloom for bitcoin that are NOT being backed up with any evidence beyond mere expressions of opinion).

I have to disagree with this part though, it's not just opinion, so far there's been more evidence in the direction of it not succeeding than the opposite. Like I said, if it does eventually succeed that will benefit me as well, so I'm not against it, I just don't see how it will, but let's wait and see what happens.


Surely, this is an evolving situation concerning how well, if at all, BTC will take off, and only a few RVF guys might claim that they have a crystal ball regarding the future of BTC or something like that.

So, yes, both you and I seems to agree, here, that there is a wait and see element regarding the future of BTC.

In the mean time, several guys participating in this thread, including me, are planning and strategizing ways in which to continue to invest into BTC and/or other crypto currencies, and generally, it sounds as if you are NOT planning to invest into BTC.... at least in the near-term.
02-28-2014 10:14 PM
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Satoshi Offline
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Post: #1339
RE: Bitcoins up 60% in less than a month
Auroracoin is really cool and interesting. But I'm not buying at this point.

(02-28-2014 08:11 PM)Vacancier Permanent Wrote:  So now that this Bitcoin fad is over, how much have you guys lost in all this fiasco? I was tempted at one point to get in on the action, but my gut feeling me told me this wouldn't last as it was just a fad. Sad to see it materializing.

Everyone who got in before middle of Novermber is +.
(This post was last modified: 02-28-2014 10:30 PM by Satoshi.)
02-28-2014 10:27 PM
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Generation21stCentury Offline
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Post: #1340
RE: Bitcoins up 60% in less than a month
(02-28-2014 08:11 PM)Vacancier Permanent Wrote:  So now that this Bitcoin fad is over, how much have you guys lost in all this fiasco? I was tempted at one point to get in on the action, but my gut feeling me told me this wouldn't last as it was just a fad. Sad to see it materializing.

This is the least informed opinion in this thread, and is ironically appended by a statement that gut feeling rather than solid research prompted a hesitancy to invest.

Bitcoin is showing exactly why it is an unstoppable force at this very moment. A large, established institution has failed about as badly as possible, and the price has taken a beating as a result. However, the technology itself is unaffected, the network is stronger than ever and it is still used for thousands or millions of transactions a day. There was no bail outs, no bail ins, no government to intervene, and a lot of depositors lost money. That's the pinnacle of free market capitalism, short term pain by loss of incompetent businesses to more capable alternatives. If only we could see the same thing sensibly permitted by a government.

Bitcoin was proclaimed dead in 2011 (see link), and yet look where we are today. The price fluctuates up and down, but awareness, adoption, infrastructure, mining and use never stop growing. As long as Bitcoin is not at 0 (which requires either a technical bug of catastrophic proportions, or the emergence of a far superior alternative) it is on track to be a world conqueror.

http://www.wired.com/magazine/2011/11/mf_bitcoin/

I hope VP does some more reading about Bitcoin and perhaps seizes the opportunity to invest, or if not is humble enough to admit his fault when history has run its course and shown him to be in error. I don't expect any longer than 6 months will be necessary to have observed a conclusive rebuttal. If Bitcoin goes to 0 instead, I will gladly admit my fault, but Bitcoin so far has a 100% success rate at defying disruption, dismissal or criticism, and it certainly isn't going to stop now.

Update pending: September 1st 2014.

Edit: For posterity, Bitcoin currently $543 USD on BTC-e, $562 on Bitstamp and $561 on Huobi.

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(This post was last modified: 03-01-2014 12:05 AM by Generation21stCentury.)
03-01-2014 12:01 AM
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Satoshi Offline
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Post: #1341
RE: Bitcoins up 60% in less than a month
(03-01-2014 12:01 AM)Generation21stCentury Wrote:  Edit: For posterity, Bitcoin currently $543 USD on BTC-e, $562 on Bitstamp and $561 on Huobi.

That's really cheap coins and this is a great time to buy.
No long time holders will sell at this price, at least not to the extend that it will take the price lower than this. Bottom is it.

And now it's not just bitcoins but a whole spectrum of crypto currencies some of them opening up for changes in the global economical system.

Auroracoin will be great for the people of Iceland. A public stock for them. If it's working there then other similar country might do the same. They are also only 333.000 people so if the government start to work against it they will just change the government. I also think those 333.000 people is smart and rich. But they will be dependent on bitcoin value as well. Very exciting anyway. Today it costs about 1BTC to get the same amount as an Icelander will get.. Overprices I think? At least since the project is so new and there will be so many new coins in circulation soon.
03-01-2014 01:37 AM
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Fortitudinal Offline
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Post: #1342
RE: Bitcoins up 60% in less than a month
Guys, we should just buy tulip bulbs. Cant get hacked.

My face when I bought years ago bitcoins and now I forgot where is the wallet and the key. . . cant remember what computer, folder or when.
It was about 2k worth :|
03-01-2014 03:48 AM
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JayJuanGee Offline
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Post: #1343
RE: Bitcoins up 60% in less than a month
(03-01-2014 03:48 AM)Fortitudinal Wrote:  Guys, we should just buy tulip bulbs. Cant get hacked.

You have been reading or watching too much mainstream media, if you believe stories about tulips are relevant to the bitcoin situation.


(03-01-2014 03:48 AM)Fortitudinal Wrote:  My face when I bought years ago bitcoins and now I forgot where is the wallet and the key. . . cant remember what computer, folder or when.
It was about 2k worth :|

YEAH... right.... That seems quite the fish story.... Pray tell more... if there is any there, there.... and if you are NOT merely making things up in order to provoke...
(This post was last modified: 03-01-2014 05:52 AM by JayJuanGee.)
03-01-2014 05:49 AM
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Blaster Offline
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Post: #1344
RE: Bitcoins up 60% in less than a month
(03-01-2014 01:37 AM)friheten Wrote:  
(03-01-2014 12:01 AM)Generation21stCentury Wrote:  Edit: For posterity, Bitcoin currently $543 USD on BTC-e, $562 on Bitstamp and $561 on Huobi.

That's really cheap coins and this is a great time to buy.
No long time holders will sell at this price, at least not to the extend that it will take the price lower than this. Bottom is it.

And now it's not just bitcoins but a whole spectrum of crypto currencies some of them opening up for changes in the global economical system.

If you are a longtime holder of bitcoin, who is investing in them rather than buying drugs with them, and acquired most of them when they were orders of magnitude cheaper-- now is a fine time to sell. Not as good as 3 weeks ago but 1000% return is pretty fucking good by most investment standards.
03-01-2014 07:30 AM
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Satoshi Offline
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Post: #1345
RE: Bitcoins up 60% in less than a month
(03-01-2014 07:30 AM)Blaster Wrote:  
(03-01-2014 01:37 AM)friheten Wrote:  
(03-01-2014 12:01 AM)Generation21stCentury Wrote:  Edit: For posterity, Bitcoin currently $543 USD on BTC-e, $562 on Bitstamp and $561 on Huobi.

That's really cheap coins and this is a great time to buy.
No long time holders will sell at this price, at least not to the extend that it will take the price lower than this. Bottom is it.

And now it's not just bitcoins but a whole spectrum of crypto currencies some of them opening up for changes in the global economical system.

If you are a longtime holder of bitcoin, who is investing in them rather than buying drugs with them, and acquired most of them when they were orders of magnitude cheaper-- now is a fine time to sell. Not as good as 3 weeks ago but 1000% return is pretty fucking good by most investment standards.
No I bought them because I believed they would increase in value, and I still do, therefor holding. My profit is around 2000% and I've cashed out the money I put in, several times.
03-01-2014 09:15 AM
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strengthstudent Offline
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Post: #1346
RE: Bitcoins up 60% in less than a month
Bitcoin ATM opened in Singapore and apparently it is going to be a great success. If bitcoin took off really well in Eastern Asia, it would be huge. I have heard some stories of Eastern Asians going to work abroad and sending money back to their families for outlandish 5-10 % money transfer fees. Did you heard that the bitcoin team managed cut bitcoin transactions costs tenfold?

I would love to be able to travel almost anywhere in the world carrying the same wallet(which is less risky to carry) and paying with the same currency no matter where I go. This could be the future.
03-01-2014 11:16 AM
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Hotwheels Offline
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Post: #1347
RE: Bitcoins up 60% in less than a month
You guys that are into BTC; Have you actually purchased anything with BTC or do you hoard them?

Curious as I set up a merchant account through coinbase...

Doesn't cost anything to set up so I'll probably make it an option.

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03-01-2014 11:24 AM
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Post: #1348
RE: Bitcoins up 60% in less than a month
(03-01-2014 11:24 AM)Hotwheels Wrote:  You guys that are into BTC; Have you actually purchased anything with BTC or do you hoard them?

Curious as I set up a merchant account through coinbase...

Doesn't cost anything to set up so I'll probably make it an option.

I have bought one book and I am a occasional customer in deep web markets. I am not a big spender; I am very minimalistic in my nature and I spend mostly money on food, rent and education(books + courses). Apart from food, I mostly buy things from internet with PayPal but I would rather use bitcoin(and I do if possible) because PayPal's 3.4% + 0.35€ transaction fees and the fact it takes many banks days to transfer money to my paypal account(I don't hold much money in my paypal account) are just pain in the ass.
03-01-2014 11:40 AM
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Post: #1349
RE: Bitcoins up 60% in less than a month
(03-01-2014 11:24 AM)Hotwheels Wrote:  You guys that are into BTC; Have you actually purchased anything with BTC or do you hoard them?

Curious as I set up a merchant account through coinbase...

Doesn't cost anything to set up so I'll probably make it an option.

I purchased my lifetime gold membership for the RVF with bitcoin.

The way I see it, people who use bitcoin to buy stuff generally wait for the price of bitcoin to rise in order to make purchases. That way, you are getting more bang for your bitcoin.

Thus, my guess is that bitcoin is best for online businesses.
03-01-2014 12:31 PM
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Post: #1350
RE: Bitcoins up 60% in less than a month
meanwhile the network effect is stronger than ever...
03-01-2014 12:54 PM
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