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The Artist
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PostPosted: 17:20 - 21 Mar 2013    Post subject: Bitcoins Reply with quote
Damn, I wish I had held onto some back when they were £4.

Midday Monday £32
Now £48

market cap now $0.75 BILLION

https://i.imgur.com/mKv5wPQ.jpg

If you are looking for reasons, most people are saying European demand. Cyprus etc, people want them more than ever, prices go up.

I don't have the balls to put all the money I have into them right now but speculatively, I think they are not coming down anytime soon. Maybe a slight correction which would be the ideal time to buy. Unfortunately, everyone else would think the same which means the price is not going to drop more than 5-8% IMO.

Last edited by The Artist on 17:26 - 21 Mar 2013; edited 1 time in total
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The Artist
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PostPosted: 17:23 - 21 Mar 2013    Post subject: Reply with quote
https://i.imgur.com/Hs6zMoi.jpg
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Alpha-9
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PostPosted: 17:27 - 21 Mar 2013    Post subject: Reply with quote
Yep, even when I got a few they were £13 each, now £30+, shoulda bought more and flogged them

Expecting the market to crash wildly soon Thumbs Up
Bullish.
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Tungtvann
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PostPosted: 17:33 - 21 Mar 2013    Post subject: Reply with quote
Interesting, but I'd rather have a bar of gold than a handful of magic beans that I can't actually touch, see or do anything with.
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Alpha-9
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PostPosted: 17:34 - 21 Mar 2013    Post subject: Reply with quote
Tungtvann wrote:
Interesting, but I'd rather have a bar of gold than a handful of magic beans that I can't actually touch, see or do anything with.

You can buy drugs and weapons and most illicit goods with it pretty easily, unlike gold
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Tungtvann
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PostPosted: 17:35 - 21 Mar 2013    Post subject: Reply with quote
Alpha-9 wrote:
Tungtvann wrote:
Interesting, but I'd rather have a bar of gold than a handful of magic beans that I can't actually touch, see or do anything with.

You can buy drugs and weapons and most illicit goods with it pretty easily, unlike gold

True, but I meant from a purely financial aspect.
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Alpha-9
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PostPosted: 17:36 - 21 Mar 2013    Post subject: Reply with quote
Tungtvann wrote:
Alpha-9 wrote:

You can buy drugs and weapons and most illicit goods with it pretty easily, unlike gold

True, but I meant from a purely financial aspect.

I think of it as goods to be bartered with rather than a currency

Besides, how often do you physically see your wages?
The majority of money is digital, not physical

and money literally "isn't worth it's weight in gold" any more

But ya, I could have 100 coins worth 3k in my bitcoin wallet, have a harddrive failure and lose it all Thumbs Up
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Tungtvann
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PostPosted: 17:41 - 21 Mar 2013    Post subject: Reply with quote
Are bitcoins not stored digitally? On the 'cloud' if you like, so you can access it from anywhere?

I know money is mostly digital, which is why I spread my wealth and put it elsewhere!
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The Artist
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PostPosted: 17:58 - 21 Mar 2013    Post subject: Reply with quote
Tungtvann wrote:
Are bitcoins not stored digitally? On the 'cloud' if you like, so you can access it from anywhere?

I know money is mostly digital, which is why I spread my wealth and put it elsewhere!


You can store and backup your wallets anywhere, usb stick, the cloud, various hard drives.

Anyone with any decent amount of coins would not leave just one copy somewhere.

Currency of the future. The ultimate deflationary currency. Potential for crash at some point? Yes. Potential for future world wide currency with mass adoption? Most definitely.

Technically you are only storing the key to get at your coins. There are no actual coins. When someone sends you coins or you buy them, then it is announced to the network and there is a record of it out there. Everyone knows there is XXXBTC in that particular address meaning no centralisation. It is actual P2P banking. You just need your key to get at it.
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Jayy
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PostPosted: 18:40 - 21 Mar 2013    Post subject: Reply with quote
What's to stop some clever bastards just injecting "hax0red/engineered" currency out of thin air?
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The Artist
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PostPosted: 18:59 - 21 Mar 2013    Post subject: Reply with quote
ZX Jay wrote:
What's to stop some clever bastards just injecting "hax0red/engineered" currency out of thin air?


I don't know the technical way this is done but their is a limit to the number of bitcoins that can ever be created.

They are being mined. ~21 million is the final total. Currently ~11million. As processing power for the network increases, more coins are mined and the "difficulty" to mine becomes more. Every so often the amount of coins in a block will halve and miners will have instantly reduced input on the network.

This means the currency is deflationary rather than inflationary like any fiat currency. No printing more money, the limit is 21 million, everyone knows it. The only way to destroy/hack the bitcoin network itself is quantum computing which doesn't exist yet.
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Jayy
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PostPosted: 19:07 - 21 Mar 2013    Post subject: Reply with quote
I don't really know much about them, just some news stories of hackers stealing a fuck tonne of them off companies.
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P.
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PostPosted: 19:19 - 21 Mar 2013    Post subject: Reply with quote
I still have absolutely no fucking idea what one is and where you get 1 Laughing
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The Artist
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PostPosted: 19:31 - 21 Mar 2013    Post subject: Reply with quote
ZX Jay wrote:
I don't really know much about them, just some news stories of hackers stealing a fuck tonne of them off companies.


The only places that have been hacked are dodgy unsecured exchanges and you would be an idiot to store your coins there.

If you keep the wallet on a USB stick, no one can get it.
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fatpies
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PostPosted: 19:42 - 21 Mar 2013    Post subject: Reply with quote
Bitcoins are just another form of derivative.

Its obvious because any settlement will be in the current government controlled currencies today.

Also.... what stops bitcoin 2 and 3 and 4 etc from being bought online?
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Rogerborg
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PostPosted: 20:07 - 21 Mar 2013    Post subject: Reply with quote
The Bitcoin economy always make me think of this:
https://art.penny-arcade.com/photos/215117578_3Vo6T-XL-2.jpg
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The Artist
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PostPosted: 20:13 - 21 Mar 2013    Post subject: Reply with quote
https://thumbnails.visually.netdna-cdn.com/bitcoin-infographic_5029189c9cbaf.jpg
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The Artist
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PostPosted: 12:31 - 23 Mar 2013    Post subject: Reply with quote
Little change in the market. Laughing

https://i.imgur.com/Q40Rhs5.png

Dropped ~15%.
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Tungtvann
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PostPosted: 12:47 - 23 Mar 2013    Post subject: Reply with quote
Zactly!
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Hetzer
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PostPosted: 12:53 - 23 Mar 2013    Post subject: Reply with quote
Bitcoins...consensus reality in a virtual wallet.
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The Artist
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PostPosted: 12:59 - 23 Mar 2013    Post subject: Reply with quote
Tungtvann wrote:
Zactly!


It is a correction for the past weeks activity.

https://i.imgur.com/eVYL8qx.png The over valuation at the moment of about £6-£7 might not be over valuation. The £8 on top we saw the past few days was. The sudden growth has been caused by the Eurozone mainly demanding bitcoins to stop their government stealing their money in the future.
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Benson_JV
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PostPosted: 15:34 - 23 Mar 2013    Post subject: Reply with quote
I think I might just pour a large amount of savings in next time they come down. As Alpha, I don't really think of it as a currency, more goods to be bartered with.
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Tungtvann
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PostPosted: 15:48 - 23 Mar 2013    Post subject: Reply with quote
If you don't intend to actual spend them on bitcoiny type things, it's more like you are dealing in stocks.
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The Artist
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PostPosted: 16:02 - 23 Mar 2013    Post subject: Reply with quote
It is a currency in every sense of the word, not goods.

If you go to the PO and buy USD then it is a similar thing. People make money off foreign exchange trades all the time, it is called forex. It is just that BTC is a lot more volatile with such a small market cap compared to any other fiat currencies.
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prawny1
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PostPosted: 22:09 - 23 Mar 2013    Post subject: Reply with quote
I'm guessing that bitcoin mining is just a way for the inventor to get money from the isp's for traffic generated.

What is to stop people just putting the bitcoin price up on things in line with bit inflation? or does it not work like that when you buy something is the exchange rate automaticaly calculated against the dollar cost (i assume it will be valued against the dollar)
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