Stop wasting your time!! - the way to make money off of bitcoin -

 

Page 1 of 2 1 2 LastLast
Results 1 to 45 of 79
Okay guys.... here it is... the ultimate guide on how to make money with bitcoin. ...
  1. #1
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Stop wasting your time!! - the way to make money off of bitcoin -

    Okay guys.... here it is... the ultimate guide on how to make money with bitcoin.

    I strongly believe the value of bitcoin will reach 10,000 USD. All bitcoin will be mined at some point.

    That's how the experiment was set up, and it's going to hit it. Whether or not you believe me, fine.... this is how to make money with bitcoin without any risk of loss.

    Are you ready for it?

    First, stop trying to mine bitcoin. You are wasting your time. You will never make real money doing this. Your computer isn't powerful enough, and if it was, it would be draining electricity from your entire power grid.

    Why is this? I don't want to get into the math of it... but basically, this was set up to be harder and harder to mine as more gets mined, just like gold. It's basically electronic gold.

    Okay, so really, how do you make money?

    Simple.

    Accept payments for services through bitcoin.

    Save the bitcoin in your wallet.

    Sell all of it when it hits 10k USD.

    This way, you're not losing money, just your time. You don't have to spend money, so it doesn't take any capital investment.

    Someone pays you .5 bitcoins for a backlink blast. (about 100 bucks this morning).

    Imagine if they paid you .1 bitcoins for the same service in 6 months? (pure speculation)

    Imagine if they paid you 10 bitcoins 6 months ago.

    Get it?

    You can't chargeback a bitcoin.

    If you tumble it correctly, no one will ever know where it went.


    If I'm wrong, sell it when the price starts to go down. A savvy investor will ride out the waves.

    If you have the bank roll to invest in bitcoin, go for it. But expect a very rocky road to 10,000 USD per bitcoin.


    edit - I forgot to mention... I had ten bitcoin in a wallet I forgot about until a few weeks ago. I took them as payment for a service back when they were 4 dollars. Now, they're worth 1900 bucks. (as of 4.8.13) When it hits 10,000..... it will be worth 100,000 USD.
    Last edited by Furious George; 04-08-2013 at 06:30 PM.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  2. The Following 8 Users Say Thank You to Furious George For This Useful Post:

    adamlm (04-13-2013), kingdom (04-11-2013), oni3350 (04-13-2013), phracktl (04-09-2013), PrinceVisi (04-08-2013), ReALeST (04-09-2013), Sleinad (04-09-2013), staycoolmen2006 (04-09-2013)




  3. #2
    johnhunter's Avatar
    johnhunter is offline Regular Member
    Join Date
    Dec 2011
    Posts
    279
    Thanks
    212
    Thanked 366 Times in 97 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Only trouble is if you are wrong and they are worth $0.01 per bitcoin in the future then you basically worked for nothing
    Earn Over $108 Per Sale With Dr Drum - EVERGREEN OFFER - Click HERE For Details

  4. The Following 11 Users Say Thank You to johnhunter For This Useful Post:

    crusher (04-11-2013), FuryKyle (04-11-2013), meannn (04-09-2013), Mr.Whitehat (04-09-2013), Mr_Cool (04-11-2013), nirose (04-09-2013), notyourmatey (04-08-2013), Paco De Lucía (04-09-2013), ShadeDream (04-08-2013), staycoolmen2006 (04-09-2013), WrightWilliams (04-08-2013)

  5. #3
    acotut's Avatar
    acotut is offline Qualified SEO Expert
    Join Date
    Dec 2010
    Location
    SeoDot.Org
    Posts
    2,036
    Thanks
    952
    Thanked 922 Times in 400 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Haha,same thing happend with me.
    I had about 9 BitCoins in a 1-2 years old wallet.
    I'll keep them untill it reaches 200 and then i'm gonna sell.
    Sometimes is awesome when you forget things.
    Last edited by acotut; 04-08-2013 at 06:35 PM.
    $82.50 OFF - REVIEW COPIES AVAILABLE
    V

  6. The Following User Says Thank You to acotut For This Useful Post:

    ShadeDream (04-08-2013)

  7. #4
    ahiddenman's Avatar
    ahiddenman is offline Genius
    Join Date
    Dec 2010
    Location
    Vernier
    Posts
    2,562
    Thanks
    911
    Thanked 1,847 Times in 960 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    No one will use .5/1 BTC for a simple backlink blast just saying, who ever use's bitcoin know's the true value.

    I've seen BTC going for 20% over the market price on eBay

  8. The Following User Says Thank You to ahiddenman For This Useful Post:

    shadowcat (04-09-2013)

  9. #5
    steelballs is offline Banned - see signature
    Join Date
    Dec 2008
    Posts
    1,849
    Thanks
    2,891
    Thanked 4,285 Times in 1,924 Posts
    Blog Entries
    1

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    A trojan that can hijack a computer and force it into mining for Bitcoins - the virtual currency - has been spreading via Skype.

    Antivirus firm Kaspersky Labs said attackers sent messages in various languages translating to "this my favourite picture of you".

    The message included a malicious link which was, at its peak, being accessed more than 2,000 times every hour.

    The value of Bitcoin has grown massively in recent weeks.

    At the time of writing, Bitcoin exchange website Mt Gox has the currency listed as being worth $186 (£121).

    More on this here

    http://www.bbc.co.uk/news/technology-22064534
    This member has been permanently banned from BHW.

  10. The Following User Says Thank You to steelballs For This Useful Post:

    cricket1 (04-08-2013)

  11. #6
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by johnhunter View Post
    Only trouble is if you are wrong and they are worth $0.01 per bitcoin in the future then you basically worked for nothing
    If you understood investing, this is waaaay better than having an actual loss of money. Besides, I made this thread for people who are wasting they're time mining. You are correct, the value can go down.


    Quote Originally Posted by ahiddenman View Post
    No one will use .5/1 BTC for a simple backlink blast just saying, who ever use's bitcoin know's the true value.

    I've seen BTC going for 20% over the market price on eBay

    But people will pay 100 US dollars for that same service. I'm just giving a general idea of the exchange rate. If you try to sell them on a site where chargeback risk is present, like paypal.... you're asking to get screwed. I can take paypal back, but not bitcoin.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  12. #7
    maxpaincode's Avatar
    maxpaincode is offline Newbies
    Join Date
    Sep 2012
    Location
    Europe
    Posts
    30
    Thanks
    4
    Thanked 7 Times in 6 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Well, there is a big discussion going on about bit coins, what I can say is that no-one can predict the market future, It's all about how investors and how the media will respond to it.

    Good luck to anyone.

  13. #8
    acotut's Avatar
    acotut is offline Qualified SEO Expert
    Join Date
    Dec 2010
    Location
    SeoDot.Org
    Posts
    2,036
    Thanks
    952
    Thanked 922 Times in 400 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by steelballs View Post
    A trojan that can hijack a computer and force it into mining for Bitcoins - the virtual currency - has been spreading via Skype.

    Antivirus firm Kaspersky Labs said attackers sent messages in various languages translating to "this my favourite picture of you".

    The message included a malicious link which was, at its peak, being accessed more than 2,000 times every hour.

    The value of Bitcoin has grown massively in recent weeks.

    At the time of writing, Bitcoin exchange website Mt Gox has the currency listed as being worth $186 (£121).

    More on this here

    http://www.bbc.co.uk/news/technology-22064534
    I saw this aswell,but this type of trojans were created and used for a long time.
    Now,it was just the propper moment to release the news.
    I remember a while back,someone tried to sell me something similar for about $400,I feel a bit sad because I refused him

  14. #9
    Cratos's Avatar
    Cratos is offline Senior Member
    Join Date
    Aug 2012
    Location
    Where The Elite SEOs Dwell
    Posts
    976
    Thanks
    782
    Thanked 568 Times in 358 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by Furious George View Post
    edit - I forgot to mention... I had ten bitcoin in a wallet I forgot about until a few weeks ago. I took them as payment for a service back when they were 4 dollars. Now, they're worth 1900 bucks. (as of 4.8.13) When it hits 10,000..... it will be worth 100,000 USD.

    Lucky son of a gun... I need to do some more research on this bitcoin stuff.

  15. #10
    johnhunter's Avatar
    johnhunter is offline Regular Member
    Join Date
    Dec 2011
    Posts
    279
    Thanks
    212
    Thanked 366 Times in 97 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by Furious George View Post
    If you understood investing, this is waaaay better than having an actual loss of money. Besides, I made this thread for people who are wasting they're time mining. You are correct, the value can go down.
    I don't see why it is better? It's like working for a year for free but getting paid in shares, then at the end of the year you come to cash them in and they are worth nothing, so that's ok that you worked all year for free?

    Doesn't make sense it's exactly the same as getting paid in cash and buying the shares yourself.
    Earn Over $108 Per Sale With Dr Drum - EVERGREEN OFFER - Click HERE For Details

  16. #11
    politico's Avatar
    politico is offline Jr. VIP
    Join Date
    Aug 2012
    Location
    Canada
    Posts
    222
    Thanks
    66
    Thanked 197 Times in 51 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Damn, and I thought a price of $60 a few weeks ago was too high for bitcoin. I shoulda bought a ton!

  17. The Following User Says Thank You to politico For This Useful Post:

    weBay (04-09-2013)

  18. #12
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by johnhunter View Post
    I don't see why it is better? It's like working for a year for free but getting paid in shares, then at the end of the year you come to cash them in and they are worth nothing, so that's ok that you worked all year for free?

    Doesn't make sense it's exactly the same as getting paid in cash and buying the shares yourself.

    Let's say you're like me, and you bought about 250,000 dollars worth of google options back in October. They released their financials early, by accident. That 250,000 dollars turned into about 3,000 in 30 minutes. I knew they were going to have a bad quarter because they bought motorola, so I was scalping the price of the stock... I was going to get out before 4. Because I didn't want to lose money if they financials came out bad. The firm they hired accidentally released them around 1230.

    Those were real, actual dollars.

    If you go buy 1000 dollars worth of bitcoin, and the prices fall, you've lost actual money.

    If you trade your service for bitcoin, which some people prefer... you are at no actual loss.

    Yes, you could trade your services for cash. But then, if you want to make money on bitcoin, you've got to go buy bitcoin, and wait for it to go up. Some people are paying for stuff with their bitcoins now. Because they're worth a helluva lot more then they were when it started.

    If you don't see the difference, don't mess with it.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  19. The Following User Says Thank You to Furious George For This Useful Post:

    PrinceVisi (04-08-2013)

  20. #13
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by politico View Post
    Damn, and I thought a price of $60 a few weeks ago was too high for bitcoin. I shoulda bought a ton!
    That's the problem in speculation. You don't know for sure. Everyone is right about what they should have done.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  21. The Following User Says Thank You to Furious George For This Useful Post:

    blackouts (04-09-2013)

  22. #14
    PrinceVisi's Avatar
    PrinceVisi is offline Supreme Member
    Join Date
    Jan 2012
    Location
    Tropoja
    Posts
    1,427
    Thanks
    507
    Thanked 682 Times in 371 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    What is you opinion to litecoins fursious? I am thinking that they will go up a lot more then they are right now, since I have a feeling that they will be called silver of the virtual world, and bitcoins the gold of the virtual world.

    Just my speculation, since I wanted to invest a couple of 1000s on litecoin right now.

  23. #15
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by PrinceVisi View Post
    What is you opinion to litecoins fursious? I am thinking that they will go up a lot more then they are right now, since I have a feeling that they will be called silver of the virtual world, and bitcoins the gold of the virtual world.

    Just my speculation, since I wanted to invest a couple of 1000s on litecoin right now.
    I don't know. It's difficult to speculate a virtual currency, or any currency for that matter.

    litcoin isn't getting the same media attention as bitcoin.

    Investments that get media attention move, quickly.

    Bitcoin is all over the news. More and more people are buying it... I can't say the same for litcoin, but it might. I wouldn't invest thousands. Maybe buy 100 bucks worth. It's up to you. If you're comfortable with losing the money, go for it. But I would say the same thing about bitcoin. Tomorrow we could wake up and it be worth .00001.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  24. The Following User Says Thank You to Furious George For This Useful Post:

    PrinceVisi (04-08-2013)

  25. #16
    Minarik1987's Avatar
    Minarik1987 is offline Junior Member
    Join Date
    Jul 2012
    Posts
    151
    Thanks
    54
    Thanked 21 Times in 18 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    $194 and keep on rising. I don't think bitcoin will bubble anytime soon. The more it became popular the more people will use it and until it stabilize. This is not like any useless tulip. The people today is need of currency that is not controlled by the government and anonymous and not taxable.

  26. #17
    PrinceVisi's Avatar
    PrinceVisi is offline Supreme Member
    Join Date
    Jan 2012
    Location
    Tropoja
    Posts
    1,427
    Thanks
    507
    Thanked 682 Times in 371 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    You are right. I wasnt going to invest anything before being 100% confident, but still will risk something just for the heck of it.

  27. #18
    KardoseR is offline Regular Member
    Join Date
    Jul 2012
    Posts
    328
    Thanks
    58
    Thanked 104 Times in 75 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    god when i saw it at 10$, could have made a fuck load of cash

  28. #19
    DJANG0's Avatar
    DJANG0 is offline Regular Member
    Join Date
    Jan 2013
    Posts
    424
    Thanks
    244
    Thanked 132 Times in 52 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Let's suppose I buy some BTC now, an d I want to sell them next week. Will it be easy to find a buyer?

  29. #20
    Minarik1987's Avatar
    Minarik1987 is offline Junior Member
    Join Date
    Jul 2012
    Posts
    151
    Thanks
    54
    Thanked 21 Times in 18 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by DJANG0 View Post
    Let's suppose I buy some BTC now, an d I want to sell them next week. Will it be easy to find a buyer?
    As of now there are lot of buyers and getting more each day. Right now bitcoin is transitioning to be the world digital currency.

  30. The Following User Says Thank You to Minarik1987 For This Useful Post:

    DJANG0 (04-08-2013)

  31. #21
    JFoulds is offline Regular Member
    Join Date
    Apr 2011
    Posts
    462
    Thanks
    267
    Thanked 401 Times in 174 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    One of my main issues with Bitcoin is summed up pretty perfectly by most of the posts in this thread. So many people investing (either putting money in, or time in, either way, it's a form of investment) are doing so purely for the purpose of 'cashing out' in the future when they can, and yet the majority of these people are also adamant that Bitcoin won't crash again. If the majority of people buying Bitcoin currently are doing so with the hope of 'cashing out' once a certain level is reached, and the majority of these people also believe Bitcoin won't crash...Well, they're pretty much mutually exclusive options.

  32. #22
    antichrist's Avatar
    antichrist is offline Jr. VIP
    Join Date
    Aug 2012
    Location
    On top of the world!
    Posts
    1,000
    Thanks
    749
    Thanked 935 Times in 427 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Time is money my friend.
    My thread made Matt Cutts Laugh


  33. #23
    HighRiskJohn's Avatar
    HighRiskJohn is offline Junior Member
    Join Date
    Jan 2012
    Location
    Chicago, IL
    Posts
    167
    Thanks
    28
    Thanked 92 Times in 38 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    I have a question then.....Can't Bitcoins be mined from a server setup? Why not rent a Linux server to mine for you and this way you're not paying the electricity. Sorry if this is a dumb question, I only have a small idea of how mining works.

  34. #24
    Zapdos's Avatar
    Zapdos is offline Power Member
    Join Date
    Oct 2011
    Location
    Eastern North Carolina
    Posts
    592
    Thanks
    78
    Thanked 686 Times in 411 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by HighRiskJohn View Post
    I have a question then.....Can't Bitcoins be mined from a server setup? Why not rent a Linux server to mine for you and this way you're not paying the electricity. Sorry if this is a dumb question, I only have a small idea of how mining works.
    The servers that would be able to mine effectively cost tens of thousands per month (GPGPU.) It's not effective to rent hardware to mine anymore.

  35. The Following User Says Thank You to Zapdos For This Useful Post:

    Furious George (04-08-2013)

  36. #25
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by DJANG0 View Post
    Let's suppose I buy some BTC now, an d I want to sell them next week. Will it be easy to find a buyer?
    YES! bitfloor.com is a great site to sell, and to buy.

    IF YOU DO NOT UNDERSTAND HOW TRADING WORKS, I would STRONGLY reccomend taking some time to read some tutorials on investopedia.com


    Quote Originally Posted by JFoulds View Post
    One of my main issues with Bitcoin is summed up pretty perfectly by most of the posts in this thread. So many people investing (either putting money in, or time in, either way, it's a form of investment) are doing so purely for the purpose of 'cashing out' in the future when they can, and yet the majority of these people are also adamant that Bitcoin won't crash again. If the majority of people buying Bitcoin currently are doing so with the hope of 'cashing out' once a certain level is reached, and the majority of these people also believe Bitcoin won't crash...Well, they're pretty much mutually exclusive options.

    That's the thing... like any security or currency, or commodity, it will fluctuate. With bitcoin, I bet a shit load of people are going to start selling soon. However, I think so many more people will be buying it up, the value will skyrocket. Mark my words (and I could be wrong) it will hit 10,000 dolllars like it's theorized to.


    Quote Originally Posted by HighRiskJohn View Post
    I have a question then.....Can't Bitcoins be mined from a server setup? Why not rent a Linux server to mine for you and this way you're not paying the electricity. Sorry if this is a dumb question, I only have a small idea of how mining works.
    Yes, if you have a ton of them... but then again, the amount of electricity you need to power them is insane compared to how long it takes to mine. If you have to ask this kind of question, do not waste your time mining. If you jump in with a pool of 1000 people, and 1000 people get 25 bitcoin as a reward.... well, guess what? You get 25/1000 bitcoin, or .025 bitcoin, which would be about 4.75 USD. That would take a month. If your CPU has a 500W power supply, it just cost you 43 dollars at 12 cents a kilowatt hour running 24 hours a day for 30 days. Make sense?


    I can't offer services for google stock. But I can offer services for bitcoin.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  37. #26
    mikkelwilk's Avatar
    mikkelwilk is offline Registered Member
    Join Date
    Apr 2013
    Location
    Utah
    Posts
    81
    Thanks
    12
    Thanked 4 Times in 4 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    wow costs are going up fast!

  38. #27
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    191.83 at the moment.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  39. #28
    Ramus313's Avatar
    Ramus313 is offline Power Member
    Join Date
    Dec 2012
    Location
    US
    Posts
    553
    Thanks
    63
    Thanked 85 Times in 75 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Im thinking of spending a couple hundred on a few bitcoins myself. I was going to yesterday when they were at $160, then i checked today and they were at $190!

  40. #29
    marishal is offline Registered Member
    Join Date
    Jan 2012
    Posts
    80
    Thanks
    19
    Thanked 14 Times in 12 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Today for the first time I took some time to learn about this bitcoin stuff, I found this article very simple and to the point:
    http://www.zdnet.com/how-to-buy-and-...ry-7000013661/

  41. #30
    garrido's Avatar
    garrido is offline Jr. VIP
    Join Date
    Nov 2011
    Location
    Hackerland
    Posts
    1,305
    Thanks
    458
    Thanked 324 Times in 236 Posts
    Blog Entries
    1

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Near $195 now.

  42. #31
    GiorgioB's Avatar
    GiorgioB is offline Supreme Member
    Join Date
    Feb 2012
    Location
    Touching the Sky
    Posts
    1,233
    Thanks
    629
    Thanked 1,240 Times in 627 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by johnhunter View Post
    Only trouble is if you are wrong and they are worth $0.01 per bitcoin in the future then you basically worked for nothing

    If you think this, then you are not cut out for investment.

  43. The Following User Says Thank You to GiorgioB For This Useful Post:

    Furious George (04-09-2013)

  44. #32
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by johnhunter View Post
    I don't see why it is better? It's like working for a year for free but getting paid in shares, then at the end of the year you come to cash them in and they are worth nothing, so that's ok that you worked all year for free?

    Doesn't make sense it's exactly the same as getting paid in cash and buying the shares yourself.
    So, sell them before they become worth nothing. It's called stop loss discipline. The value of dollars you take in drops all the time. Did you know that?

    It's not okay that you worked for free in your scenario, but yes, it's better than losing real money.

    Get paid in cash, buy the shares yourself. Please....

    This thread was made for people trying to invest in bitcoin. You take your money, buy bitcoin, you take a hit in the exchange. You could take a loss getting scammed. Someone only takes westerun union for bitcoin... for example. You send WU, and get nothing. There's risk associated with getting it. The only risk free way to get it, is to receive it first.

    I made this thread to get people who want in on it a way to get it on it without getting fucked. Yes, the value could go to a penny. So could the value of your dollar, or GOOG. When it takes a ten percent hit, sell it off.

    It's trending way, way up. It's momentum and volume are through the roof. It's media attention has never been better.

    Why do you think it will go down? What's your target? Why don't you short bitcoin if you think it will go down?

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  45. #33
    artizhay is offline Banned - see signature
    Join Date
    Nov 2010
    Location
    Houston, TX
    Age
    21
    Posts
    1,870
    Thanks
    222
    Thanked 1,265 Times in 642 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Since we apparently don't like each other, I'm surely you'll have some lovely response. Regardless.

    There are articles online showing open manipulation of BTC pricing. Anyone can easily set up a BTC exchange - there are numerous guides readily available - that often rely on a simple SQL backend and a formula based on MtGox prices.

    I certainly wouldn't want to invest in a currency where any one person can crash it by simply logging into their SQL database and changing the price or pricing formula, but that's just me.

    And the price is continuously outside of the upper Bollinger with the bands getting wider each day. Definitely not a surefire way to determine when something is overbought, especially in a growing item like BTC, but one of those bumps you mentioned is certainly right around the corner.

    Also, saying there is no loss when the value drops after accepting BTC as payment is definitely contingent on the situation, despite all your "accounting knowledge." If the $100 service costs me $25 to fulfill, I've essentially invested that $75 back into the BTC. If 0.5 BTC was provided as payment and the value drops to $0.01, I've lost $24.995 when I sell my BTC.

    Though it is definitely viable to say I lost $124.995. You're saying that you're not really "using your money" if you accept BTC. However, really you're only using this to mask the fact that really, you're only cutting out a step.

    If I took 0.5 BTC as payment at $200/BTC, I would have $100. I could sell it and transfer it to my bank, pay my $25 in service fulfillment, and have $75 profit. If I had chosen to buy BTC after first transferring that $100 to my bank, then I am now putting up capital to invest in BTC. However, since this step is cut out in your example, I am apparently not putting up any capital, which is incorrect.

    I could have accepted $100 as payment then bought 0.5 BTC. It doesn't matter. Capital goes into the investment either way. Reversing the situation does not magically make losses go away.

    Capital is capital. Upon receiving the 0.5 BTC, you had the choice to either sell it and take the market value for your service, or keep it invested. The second option is putting up capital and can incur a loss.
    Last edited by artizhay; 04-09-2013 at 04:48 AM.
    This member has been permanently banned from BHW.

  46. The Following User Says Thank You to artizhay For This Useful Post:

    infested27 (04-12-2013)

  47. #34
    edgematch's Avatar
    edgematch is offline Elite Member
    Join Date
    May 2010
    Location
    :noitacoL
    Posts
    2,408
    Thanks
    1,128
    Thanked 1,795 Times in 731 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -


  48. #35
    zonfar's Avatar
    zonfar is offline Power Member
    Join Date
    May 2009
    Posts
    639
    Thanks
    11
    Thanked 425 Times in 143 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Time is money. If your accepting payment in money or bitcoins, theres no difference.

  49. #36
    Furious George's Avatar
    Furious George is offline Awesome Member
    Join Date
    Dec 2012
    Posts
    1,445
    Thanks
    1,063
    Thanked 2,022 Times in 833 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by artizhay View Post
    Since we apparently don't like each other, I'm surely you'll have some lovely response. Regardless.
    That has nothing to do with my responses to you in the past. You can't even start an adult conversation without acting like a brat.... "Regardless". What evs. If you quit treating me like a dick, I'll reciprocate that. I'm sorry if I said something to offend you in the past. Quit being an ass to me, and I'll reciprocate that. Starting now.

    Quote Originally Posted by artizhay View Post
    There are articles online showing open manipulation of BTC pricing. Anyone can easily set up a BTC exchange - there are numerous guides readily available - that often rely on a simple SQL backend and a formula based on MtGox prices.

    I certainly wouldn't want to invest in a currency where any one person can crash it by simply logging into their SQL database and changing the price or pricing formula, but that's just me.
    This could happen with any security/investment. This thread is for people who want to invest in bitcoin. I'm not encouraging people to invest in it. Check out my example with GOOG I mentioned above. I literally lost a quarter of a million dollars because their accounting firm made an error on the time they released financials. I really think 99% of these people have a lot to learn about investing. "Oh man, I should have bought two weeks ago." Wow... welcome to global trading.

    Quote Originally Posted by artizhay View Post
    And the price is continuously outside of the upper Bollinger with the bands getting wider each day. Definitely not a surefire way to determine when something is overbought, especially in a growing item like BTC, but one of those bumps you mentioned is certainly right around the corner.
    I would disagree, only because bolinger bands really can't be used as an indicator for bitcoin. This doesn't have the kind of history that the dollar, yen, and EUR have. Much unlike those also, there will be a limited number of bitcoin. When it's all mined, it's all gone, except what changes hands. Countries print money all the time, and the amount of money in circulation rises all the time. I don't believe bitcoin will be the victim of inflation, for example. It's just not the same. Bolinger bands are a great indicator for currency, don't get me wrong.. just not here. This is too different.

    Quote Originally Posted by artizhay View Post
    Also, saying there is no loss when the value drops after accepting BTC as payment is definitely contingent on the situation, despite all your "accounting knowledge." If the $100 service costs me $25 to fulfill, I've essentially invested that $75 back into the BTC. If 0.5 BTC was provided as payment and the value drops to $0.01, I've lost $24.995 when I sell my BTC.
    Though it is definitely viable to say I lost $99.995. You're saying that you're not really "using your money" if you accept BTC. However, really you're only using this to mask the fact that really, you're only cutting out a step.
    Yes, of course there is a loss when the value drops. It's not the same kind of loss you experience when you invest your existing cash. If you don't understand that, you've never taken a hit. Not a real hit. If I could trade my services for GOOG options right now, I would. I think it will hit 1000 before 2014. The reason I'm encouraging people to accept bitcoin as payment is because it's cheaper than buying it. In addition, there are markets where people only accept bitcoin, and these are growing. There are some services in some places that one can offer where one can't take paypal. That's the main driving force behind bitcoin popularity and value.

    Quote Originally Posted by artizhay View Post
    If I took 0.5 BTC as payment at $200/BTC, I would have $100. I could sell it and transfer it to my bank, pay my $25 in service fulfillment, and have $75 profit. If I had chosen to buy BTC after first transferring that $100 to my bank, then I am now putting up capital to invest in BTC. However, since this step is cut out in your example, I am apparently not putting up any capital, which is incorrect.

    I could have accepted $100 as payment then bought 0.5 BTC. It doesn't matter. Capital goes into the investment either way. Reversing the situation does not magically make losses go away.
    Capital is capital. Upon receiving the 0.5 BTC, you had the choice to either sell it and take the market value for your service, or keep it invested. The second option is putting up capital and can incur a loss.
    You're missing the big picture. Bitcoin is not the same as taking paypal. It's not regulated. With proper tumbling, it's not traceable. As I stated before, you're living in a world of "bitcoin is the same as a paypal balance". Capital is NOT capital. You cannot compare the dollar and bitcoin. They are not the same in any way shape or form. Just because you can sell bitcoin for dollars, it's like trading a car for bricks. One is not the other. It's just not. Just like gold isn't. AND... There is no regulation of bitcoin, no oversight, and it will never inflate. Ever. I don't even think it could be regulated. No one can come out and say "hey, stop doing that"

    I'll say it again... this thread was intended for people trying to get in on the bitcoin craze. IMO, you'd be nuts to invest cash in this, as opposed to something with a little more volume. I'll trade GOOG all day, (actually, just to be clear, this is what I spend most of my time doing), because I can sell it, with no issues. I know there will be a buyer for that stock. Of course there are 1000's of other factors to consider.

    I truly believe in the theory of bitcoin. I knew it was a matter of time before it caught on. Hindsights 20/20... but it's at 192 right now. In a new wallet, I took in around 20 more bitcoin today. It didn't cost me anything. About two days work. I don't think I could have gotten 4000 dollars. You have to think of the people that have bitcoin that want to buy stuff with it that think it's worthless. I've been haggling with this guy over a thousand dollar deal... and I wouldn't budge on the price. He said he didn't have any more money. I said "well, what else ya got." 20.4567 bitcoin is what he had. I almost shook his hand right off, but I still acted like I got f_cked. Some exchange sites are paying 70 per bitcoin to buy, and selling it at market price. They know some people just want cash, so they're taking advantage of it.

    If you look at this from a risk vs. reward scenario..... you're at a 50/1 win lose ratio, right now (assuming your target is 10k). Because of what it is, it's my personal opinion that it's a huge gamble to put money in. It's a much, much, much smaller gamble if you mow someones yard for a tenth of a bitcoin. Yeah, ya could have taken 20 dollars for it. But, the issue there, is that, there is no chance in science that a 20 dollar bill will be worth 10,000 dollars in a few years. In fact, it is a certainty that 20 dollars will be worth like 15 dollars... in a few years.

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and you ruin a wonderful business opportunity

  50. The Following User Says Thank You to Furious George For This Useful Post:

    punkcash (07-02-2013)

  51. #37
    JFoulds is offline Regular Member
    Join Date
    Apr 2011
    Posts
    462
    Thanks
    267
    Thanked 401 Times in 174 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    You are aware, if Bitcoin hits $10k USD as you prophesize, then the total value of BTC will be worth a little under $21,000,000,000?
    I don't really think it's feasible for a digital currency like this to amass a total value equal to 25% the entire world's gross domestic profit...

  52. #38
    Zapdos's Avatar
    Zapdos is offline Power Member
    Join Date
    Oct 2011
    Location
    Eastern North Carolina
    Posts
    592
    Thanks
    78
    Thanked 686 Times in 411 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by JFoulds View Post
    You are aware, if Bitcoin hits $10k USD as you prophesize, then the total value of BTC will be worth a little under $21,000,000,000?
    I don't really think it's feasible for a digital currency like this to amass a total value equal to 25% the entire world's gross domestic profit...
    Bitcoins were not meant to be traded in whole numbers when it becomes popular. Think of it as a $1 bill turning into a $100 bill, then $100k, then $1m, then $10m... you dont give a cashier a $10m bill unless your total is near $10m. Instead you use the smaller amounts. Bitcoin transactions are accurate down to 8 decimal places. ex: 0.00000001 . The cost/coin is just too low to make much use of such accuracy.

  53. The Following User Says Thank You to Zapdos For This Useful Post:

    Furious George (04-09-2013)

  54. #39
    johnhunter's Avatar
    johnhunter is offline Regular Member
    Join Date
    Dec 2011
    Posts
    279
    Thanks
    212
    Thanked 366 Times in 97 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by GiorgioB View Post
    If you think this, then you are not cut out for investment.
    This is not investing it's gambling
    Earn Over $108 Per Sale With Dr Drum - EVERGREEN OFFER - Click HERE For Details

  55. #40
    djp371 is offline Jr. VIP
    Join Date
    Apr 2009
    Location
    Europe
    Posts
    956
    Thanks
    110
    Thanked 200 Times in 67 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Well, right now what i see , most safest and fastest way to make money is trading it whole day, just get MTGOX account, add like $1k and trade. For example yesterday, there was very interesting thing, how it got up by $10, then dropped by $10 , and today again it's up. Use it and earn more. Starting with small sums would be much better to feel the market.

    Services to sell would be also cool, only where to sell and who are these people, what they would buy?

  56. #41
    Sleinad's Avatar
    Sleinad is offline Senior Member
    Join Date
    Apr 2010
    Location
    Nottingham, UK
    Posts
    897
    Thanks
    644
    Thanked 502 Times in 193 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    I have to agree with you...bitcoins are just going to go up in value for sure, it is just a question of how much and how long it will take. I think $10k a bitcoin is a bit optimistic though, and even if it did reach that crazy value it would take years and years...but I guess it doesn't matter how long it takes as it is still a good investment.

    I'm gonna see if I can get a lower price and if so I'll buy 3 to start...

  57. #42
    phracktl's Avatar
    phracktl is offline Regular Member
    Join Date
    Sep 2012
    Posts
    218
    Thanks
    366
    Thanked 145 Times in 96 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Thanks for this. Many people are doing this and it could be a good way to enter BTC and manage risk for those who don't want to risk their other fiat gains. However transaction volume is still low.

    The higher BTC goes, the fewer new entrants there are: so $10k BTC is a mixed blessing. Personally, I see PM's hitting that before BTC. (Much less counterparty risk and a market thats as old as civilization)

    I think BTC and other virtual currencies will end up being regulated at the point of exchange with legal tender.
    I also think that will be something that actually reinforces the value of BTC per se - so those who trade in it will not want to convert out.

    However, BTC needs much wider adoption in order for a mature economy of goods and services to become available through it.
    If people do mostly hoard BC for speculation, that will itself slow development down.

    Interestingly, its now larger than Montenegro in terms of the stock of broad money.

    Theres also a problem with the human angle. The BTC scale, which is meant to be a redeeming feature, is horrendous in terms of end user economic calculation (let alone revaluations). I want to be exchanging real whole numbers, not 0.0000375BC (3.75 x10^-5). That kind of calculation is feasible for silicon counterparties, but not old me im afraid.

    Still, its fascinating to watch it develop. Even though we missed out: only a while ago before Cyprus I asked the wife if we should maybe get some 'just in case to takes off'. Nevermind, you cant catch every train!

    Anyone who really likes high stakes gambles could try the new BC fund out of Malta
    Last edited by phracktl; 04-09-2013 at 09:07 AM.

  58. #43
    DownTheRabbitHole is offline Banned - see signature
    Join Date
    Jul 2012
    Posts
    158
    Thanks
    49
    Thanked 142 Times in 62 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by Furious George View Post
    That's the problem in speculation. You don't know for sure. Everyone is right about what they should have done.
    As they say..
    Hindsight is 20/20

    Edit: I finished reading the thread and realized that you already said it..
    Last edited by DownTheRabbitHole; 04-09-2013 at 11:04 AM.
    This member has been permanently banned from BHW.

  59. The Following User Says Thank You to DownTheRabbitHole For This Useful Post:

    Furious George (04-09-2013)

  60. #44
    JFoulds is offline Regular Member
    Join Date
    Apr 2011
    Posts
    462
    Thanks
    267
    Thanked 401 Times in 174 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by Zapdos View Post
    Bitcoins were not meant to be traded in whole numbers when it becomes popular. Think of it as a $1 bill turning into a $100 bill, then $100k, then $1m, then $10m... you dont give a cashier a $10m bill unless your total is near $10m. Instead you use the smaller amounts. Bitcoin transactions are accurate down to 8 decimal places. ex: 0.00000001 . The cost/coin is just too low to make much use of such accuracy.
    That doesn't really relate to my post?
    EDIT: To clarify, I wasn't suggesting that anyone would be trading in whole Bitcoins if they reach $10k USD each, I was just pointing out that I find it unlikely that any single digital currency would ever have a 'market capitalisation' if you will, of $21,000,000,000.
    Last edited by JFoulds; 04-09-2013 at 11:52 AM.

  61. The Following User Says Thank You to JFoulds For This Useful Post:

    Tyrannis (04-09-2013)

  62. #45
    Tyrannis's Avatar
    Tyrannis is offline Regular Member
    Join Date
    Oct 2012
    Location
    m
    Posts
    271
    Thanks
    50
    Thanked 65 Times in 54 Posts

    Default Re: Stop wasting your time!! - the way to make money off of bitcoin -

    Quote Originally Posted by artizhay View Post
    Since we apparently don't like each other, I'm surely you'll have some lovely response. Regardless.

    There are articles online showing open manipulation of BTC pricing. Anyone can easily set up a BTC exchange - there are numerous guides readily available - that often rely on a simple SQL backend and a formula based on MtGox prices.

    I certainly wouldn't want to invest in a currency where any one person can crash it by simply logging into their SQL database and changing the price or pricing formula, but that's just me.

    And the price is continuously outside of the upper Bollinger with the bands getting wider each day. Definitely not a surefire way to determine when something is overbought, especially in a growing item like BTC, but one of those bumps you mentioned is certainly right around the corner.

    Also, saying there is no loss when the value drops after accepting BTC as payment is definitely contingent on the situation, despite all your "accounting knowledge." If the $100 service costs me $25 to fulfill, I've essentially invested that $75 back into the BTC. If 0.5 BTC was provided as payment and the value drops to $0.01, I've lost $24.995 when I sell my BTC.

    Though it is definitely viable to say I lost $124.995. You're saying that you're not really "using your money" if you accept BTC. However, really you're only using this to mask the fact that really, you're only cutting out a step.

    If I took 0.5 BTC as payment at $200/BTC, I would have $100. I could sell it and transfer it to my bank, pay my $25 in service fulfillment, and have $75 profit. If I had chosen to buy BTC after first transferring that $100 to my bank, then I am now putting up capital to invest in BTC. However, since this step is cut out in your example, I am apparently not putting up any capital, which is incorrect.

    I could have accepted $100 as payment then bought 0.5 BTC. It doesn't matter. Capital goes into the investment either way. Reversing the situation does not magically make losses go away.

    Capital is capital. Upon receiving the 0.5 BTC, you had the choice to either sell it and take the market value for your service, or keep it invested. The second option is putting up capital and can incur a loss.

    I agree. An asset is an asset, doesn't matter if it's cash or BitCoins. Just because you don't put it into your bank doesn't mean it's not an investment

Page 1 of 2 1 2 LastLast


Similar Threads

  1. The Art of the Hustle - Stop Wasting Time
    By jsgmedia in forum Making Money
    Replies: 0
    Last Post: 02-19-2013, 12:08 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  




BlackHatWorld on Twitter BlackHatWorld on FaceBook


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98