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EazyDuz
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PostPosted: 00:03 - 24 Mar 2013    Post subject: Reply with quote

give it a few months and a law will come in to make them worthless
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The Artist
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PostPosted: 00:23 - 24 Mar 2013    Post subject: Reply with quote

prawny1 wrote:
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)


Miners currently mine blocks for a reward. In the future as mining becomes harder, transaction fees will be added to transactions but the % compared to banks will be a lot less.

Price on items for sale are usually tied to the USD or EUR. So the BTC value changes inline with the relatively stable dollar etc.
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The Artist
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PostPosted: 00:24 - 24 Mar 2013    Post subject: Reply with quote

EazyDuz wrote:
give it a few months and a law will come in to make them worthless


US Govt. has recently acknowledged bitcoin and has made various legislation to prevent money laundering. Exchanges have to record data of all transactions and miners will be taxed on their earnings.

Nothing major in the UK yet I don't think.
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The Artist
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PostPosted: 22:04 - 29 May 2013    Post subject: Reply with quote

Updates:

Price has been relatively stable for the past few weeks. £70-£85
Paypal closes accounts of anyone doing business to do with bitcoins.
Libertyreserve has been seized by the world police under money laundering allegations. $6 billion seized.

The only way to have a safe secure monetary system is for the core protocol to be unregulated by government.

All we need now is adoption by the masses.

Issues currently for UK citizens is there are no proper exchanges based here. We have sites that offer private trades which are good but the volume these can handle is not massive and at the end of the day, you are dealing with a random person.

Paypal being scared is a brilliant sign. Only a few weeks ago, their CEO was talking about accepting BTC as a funding option which would be the biggest boost. Imagine suddenly, everything on ebay could be bought and sold for BTC. The only reason paypal are currently not doing anything is they are scared of the US DOJ.

We need a large organisation with some balls not based in the western world to somehow expand using BTC as its foundation. Only problem is you need at least one big bank/Visa/Mastercard/Paypal to back bitcoin and I don't see that happening. Not unless somehow they buy up a huge % of all the coins in circulation before announcing their support.

Viva la revolution.
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Tungtvann
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PostPosted: 13:08 - 31 Oct 2013    Post subject: Reply with quote

Any updated thoughts on these? If only we'd all bought some bitcoins back when this thread started, we'd be looking at a nice little profit!

Question is, do I buy a few now and then hold onto them for a few years, waiting for bitcoin to become truly mainstream (and be worth many thousands each...) or do I stay well away as they'll collapse under market manipulation or some other unforeseen event?
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daemonoid
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PostPosted: 14:40 - 31 Oct 2013    Post subject: Reply with quote

Tungtvann wrote:
Any updated thoughts on these? If only we'd all bought some bitcoins back when this thread started, we'd be looking at a nice little profit!

Question is, do I buy a few now and then hold onto them for a few years, waiting for bitcoin to become truly mainstream (and be worth many thousands each...) or do I stay well away as they'll collapse under market manipulation or some other unforeseen event?


I've never used my mt gox account. Can't see that a few hundred tucked away would be a bad gamble though...
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Jayy
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PostPosted: 14:45 - 31 Oct 2013    Post subject: Reply with quote

https://blogs.marketwatch.com/thetell/2013/10/29/guy-named-koch-bought-5000-bitcoins-in-2009-for-27-now-worth-886000/

Interdasting.
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Tungtvann
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PostPosted: 16:24 - 31 Oct 2013    Post subject: Reply with quote

daemonoid wrote:
I've never used my mt gox account. Can't see that a few hundred tucked away would be a bad gamble though...

Hundred? They're $200 a pop! I was thinking of like, 3.
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The Artist
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PostPosted: 18:56 - 31 Oct 2013    Post subject: Reply with quote

If you do buy some, please read up on security and wallets etc. Do not leave them on the exchange you buy them from.

All signs point to the moon. Glad I held onto the few I had. Thumbs Up

https://rt.com/shows/keiser-report/episode-516-max-keiser-890/
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The Artist
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PostPosted: 18:57 - 31 Oct 2013    Post subject: Reply with quote

Tungtvann wrote:
daemonoid wrote:
I've never used my mt gox account. Can't see that a few hundred tucked away would be a bad gamble though...

Hundred? They're $200 a pop! I was thinking of like, 3.


It is bad to think "oh they are $200 each! I have missed the boat!" You can buy as much or as little as you want. If you are buying for speculative reasons, the value per coin shouldn't really matter. What should matter is the amount you invest.
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Tungtvann
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PostPosted: 19:12 - 31 Oct 2013    Post subject: Reply with quote

The Artist wrote:
If you do buy some, please read up on security and wallets etc. Do not leave them on the exchange you buy them from.

Okay, that's where I get a little lost. I've created an account on bit stamp but need to verify my details (bit difficult for me as I'm away from my parents' address and where all my mail gets sent). I also have an account on blockchain. So, when I'm able, I buy through bitstamp and send to my bitchain account? Is that okay?

Oh, and of course you're right about the cost, it's about percentage increase rather than cost of each. I was thinking in the wrong mindset.
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The Artist
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PostPosted: 19:19 - 31 Oct 2013    Post subject: Reply with quote

If you are in this for medium-long term, buy from bitbargain.co.uk

So much easier than EU exchanges and you will have the coins in minutes.

Blockchain is also an online wallet and should not be trusted for any period of time.

For reasonable security, download Electrum
https://electrum.org/

Follow the instructions at the beginning TO THE LETTER. Keep the seed safe.

You give your money to the bank every time you get paid and for that, they offer basic security and fraud protection. With Bitcoins there is none so don't screw it up because if they are gone, they are gone.

Once you have purchased BTC on whatever site you choose, withdraw 0.001 or something to your electrum wallet and confirm that it works and you haven't messed up. Then transfer the rest once you know how it works.
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Tungtvann
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PostPosted: 19:33 - 31 Oct 2013    Post subject: Reply with quote

Simply put, you need somewhere to buy and somewhere to keep your coins?

Bit bargain is a place to buy from, and electrum is where I keep them? As long as I keep my password and any key phrases safe, I'm okay?
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The Artist
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PostPosted: 19:49 - 31 Oct 2013    Post subject: Reply with quote

Pretty much. If you were investing more than £500, I would research paper wallets for even better security but there is more chance to mess up with those so play around with electrum for now. There are other choices for buying bitcoins but none as easy as Bitbargain.

FYI my "current account" is on electrum and my "savings" are on a paper wallet.

It is highly unlikely electrum would be compromised. Just don't start doing transactions if you think you have spyware/malware on your pc.
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Tungtvann
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PostPosted: 19:52 - 31 Oct 2013    Post subject: Reply with quote

Thanks for your help. My laptop is broken at the moment so stuck on my iPad, so I am a bit limited at present. I was thinking about buying £4-500 of coinage, then leaving it for a few years. No need for regular transactions, but holding out for the roof to be blown off in value.
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The Artist
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PostPosted: 20:11 - 31 Oct 2013    Post subject: Reply with quote

In that case, research paper wallets. You don't want it to be worth £10k one day and it gets stolen from you.

I bought one of these as a paper wallet.

https://www.bit-card.de/

Bit fancy but still cool.
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The Artist
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PostPosted: 21:12 - 31 Oct 2013    Post subject: Reply with quote

It is like the email of currency.

Scarce like precious metals, except you can split it up into whatever size you want and send it to anyone in the world almost instantly for next to no fee.
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The Artist
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PostPosted: 22:11 - 31 Oct 2013    Post subject: Reply with quote

Mk1GSF wrote:
Just seen LTC also. From a quick glance, it's like Bitcoin, but cheaper, and more available. Thinking


Yes, there are litecoins, namecoins, PPcoins and loads of others.

https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies

Differences are in the protocols but most altcoins were pre-mined by people trying to get rich quick by making them.
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Tungtvann
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PostPosted: 02:11 - 01 Nov 2013    Post subject: Reply with quote

Don't confuse me with alternate e-currency! Which is the one to buy into?
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The Artist
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PostPosted: 08:37 - 01 Nov 2013    Post subject: Reply with quote

@ Mk1GSF - I would never keep anything on my phone. Just not secure enough for my liking.

@ Ting - Ignore alt currencies. Bitcoin is the key one. I was just pointing out that anyone can make one but Bitcoin is the one that has been chosen by 99.9% of people. Now the code is out there, you can make your own, doesn't make it worth anything.
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The Artist
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PostPosted: 18:17 - 01 Nov 2013    Post subject: Reply with quote

Mk1GSF wrote:
Thanks, Artist. Do you have any suggestions as to best/safest way to store?


Paper wallet.

There are some physical wallets being developed right now but for long term storage that is secure enough, paper wallets are the best.
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Old Thread Alert!

The last post was made 10 years, 150 days ago. Instead of replying here, would creating a new thread be more useful?
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