Who Else Is Shitting Themselves At BitCoin Prices?
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johnhunter
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- Dec 10, 2011
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I've been following bitcoin since before the bitcoin-qt client was released, just shortly after the satoshi paper was put out. There are a few things in this thread I'd like to touch on. You'll have to excuse the formating of this post.
mungus asked about alternative sites to instawallet. For those interested, https://blockchain.info/wallet/ is a solid place. However I would suggest not storing your coins there for safe keeping. Simple use it as a spending wallet. For safe keeping large amounts, or even small amounts I recommend paper wallets. You can find more info here: https://en.bitcoin.it/wiki/Paper_wallet
Some have asked about mining. With the current difficulty, and the release of ASICs, GPU mining is pretty much dead. Unless you have access to dirt cheap/free hardware and electricity you won't break even. If you're looking to put your hardware to good use mining coins, look into some of the other cryptocoins. I haven't seen it mentioned, but there are markets for the other coins. http://btc-e.com is a solid exchange for some of them. Litecoins(LTC) have really ramped up in price, and slowly starting to cool off. I really feel that given MtGox stating they'll be adding LTC to their platform will shift the price even higher. If I were going to mine an altcoin, it would be LTC.
str8thustler said "Ive looked into bitcoins before but it just seems its hard to get anyone to actually pay you real money for them" There are various exchanges that will facilitate the exchange from BTC to fiat. MtGox, btc-e, VirWoX, to name a few. There is also http://www.localbitcoins.com/ for those that wish to stay a bit more anonymous. Depending on your local market, you can a get a premium for the coins.
Someone also asked about buying bitcoins with paypal. You will almost never find someone willing to exchange paypal for bitcoins. The reason for this is simply because you can reverse paypal, while bitcoin is not reversible. I also urge you to check http://www.localbitcoins.com/ and see if there are any sellers near you. However if paypal is your only option, take a look at VirWoX. They will allow you to purchase Linden dollars(second life currency), which you can then exchange for BTC.
Someone also mentioned that the majority of BTC is used for SilkRoad. While they do account for a decent amount, it's not fair to say that the majority goes to them. I'll just leave this here; http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
If you're just finding out about bitcoin, or even if you've been following it for a long time, the most important thing to remember when investing is to not invest more than you afford to lose. No one can predict where this is going, but it's currently in a position to do great things. Fortunes will be made and lost over the course of the next few months. Choose your steps wisely.
Again, sorry for the piss poor formatting.
mungus asked about alternative sites to instawallet. For those interested, https://blockchain.info/wallet/ is a solid place. However I would suggest not storing your coins there for safe keeping. Simple use it as a spending wallet. For safe keeping large amounts, or even small amounts I recommend paper wallets. You can find more info here: https://en.bitcoin.it/wiki/Paper_wallet
Some have asked about mining. With the current difficulty, and the release of ASICs, GPU mining is pretty much dead. Unless you have access to dirt cheap/free hardware and electricity you won't break even. If you're looking to put your hardware to good use mining coins, look into some of the other cryptocoins. I haven't seen it mentioned, but there are markets for the other coins. http://btc-e.com is a solid exchange for some of them. Litecoins(LTC) have really ramped up in price, and slowly starting to cool off. I really feel that given MtGox stating they'll be adding LTC to their platform will shift the price even higher. If I were going to mine an altcoin, it would be LTC.
str8thustler said "Ive looked into bitcoins before but it just seems its hard to get anyone to actually pay you real money for them" There are various exchanges that will facilitate the exchange from BTC to fiat. MtGox, btc-e, VirWoX, to name a few. There is also http://www.localbitcoins.com/ for those that wish to stay a bit more anonymous. Depending on your local market, you can a get a premium for the coins.
Someone also asked about buying bitcoins with paypal. You will almost never find someone willing to exchange paypal for bitcoins. The reason for this is simply because you can reverse paypal, while bitcoin is not reversible. I also urge you to check http://www.localbitcoins.com/ and see if there are any sellers near you. However if paypal is your only option, take a look at VirWoX. They will allow you to purchase Linden dollars(second life currency), which you can then exchange for BTC.
Someone also mentioned that the majority of BTC is used for SilkRoad. While they do account for a decent amount, it's not fair to say that the majority goes to them. I'll just leave this here; http://bitcoinmagazine.com/bitpay-processes-5-million-in-march-eclipses-silk-road/
If you're just finding out about bitcoin, or even if you've been following it for a long time, the most important thing to remember when investing is to not invest more than you afford to lose. No one can predict where this is going, but it's currently in a position to do great things. Fortunes will be made and lost over the course of the next few months. Choose your steps wisely.
Again, sorry for the piss poor formatting.
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All the people saying it's hard to sell it are talking rubbish, just using google - you will find loads of people who are trading between each other on forums, you can also use official websites like mtgox to buy and sell the coins, took me like 20 secs to sell some of mine. I bought coins back in 2011 when I failed to mine efficiently using every single computer in the computer room of the school I worked in.
To mine efficiently, you need a monster pc with a lot of good graphic cards, just youtube "bitcoin mining setup" to get an idea.
Buying the coins is worth it imo - people are saying that the current price is a bubble but if you do your research, you will find that in 2009 (5 years ago) $1 = 1,309.03 BTC.
This is not a bubble, it's a bloody gold mine! ahaha *crazy evil laugh*
To mine efficiently, you need a monster pc with a lot of good graphic cards, just youtube "bitcoin mining setup" to get an idea.
Buying the coins is worth it imo - people are saying that the current price is a bubble but if you do your research, you will find that in 2009 (5 years ago) $1 = 1,309.03 BTC.
This is not a bubble, it's a bloody gold mine! ahaha *crazy evil laugh*
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adamlm
Junior Member
- Mar 17, 2009
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ryanmercer
Regular Member
- Feb 2, 2009
- 226
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Bitcoin market drastically crashed last year when something like a million U.S. dollars worth were stolen and dumped onto the market. Something similar will happen again. I wouldn't count on bitcoin being reliably-stable for decades.
bk071
Elite Member
- Nov 24, 2010
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Buy when everyone else is selling
We've put a lot of money to work during the chaos of the last two years. It's been an ideal period for investors: A climate of fear is their best friend ... Big opportunities come infrequently. When it's raining gold, reach for a bucket, not a thimble.
Don't buy when everyone else is buying
Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance. The obvious corollary is to be patient. You can only buy when everyone else is selling if you have held your fire when everyone was buying.
Source : http://online.wsj.com/article/SB10001424052748704089904575093603081648166.html
We've put a lot of money to work during the chaos of the last two years. It's been an ideal period for investors: A climate of fear is their best friend ... Big opportunities come infrequently. When it's raining gold, reach for a bucket, not a thimble.
Don't buy when everyone else is buying
Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance. The obvious corollary is to be patient. You can only buy when everyone else is selling if you have held your fire when everyone was buying.
Source : http://online.wsj.com/article/SB10001424052748704089904575093603081648166.html
Minarik1987
Junior Member
- Jul 18, 2012
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If it will crashed it will rebound again and stabilize. This is not any useless tulip guys. Bitcoin is a need, a dream to have a digital currency that is not controlled by any goverment, anonymous and non taxable. With the unstable economies right now and government persecuting the people there will be more and more people using it.
deiwman
BANNED
- Feb 22, 2010
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and when you think that 5 years ago was less than 1$..... if i just knew in what to invest my $1 million
Checkmate
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- Aug 9, 2010
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and when you think that 5 years ago was less than 1$..... if i just knew in what to invest my $1 million
Please don't remind me!
PrinceVisi
Elite Member
- Jan 11, 2012
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249$ a bitcoin now...
bertbaby
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- Apr 15, 2009
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Other than pure speculation what else will keep Bitcoin afloat? I mean other than speculation does anybody use bticoins for actual transactions? If not this is a bubble and a big fail for an interesting concept and the days ahead should be challenging for investors.
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