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Bitcoin & Cryptocurrency Thread - Post all your Bitcoin related topics here

Discussion in 'CryptoCurrency' started by Patel, Jan 11, 2014.

  1. Patel

    Patel Senior Member

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    [​IMG]


    There has been alot of Bitcoin related threads here at BHW.

    Lets use this thread as the official one so we do not have to keep on creating new threads.

    If anyone has any questions regarding Bitcoin or cryptocurrencies in general, this is a good place to ask. You'll find all your answers in this thread.

     
  2. Veyron

    Veyron BANNED BANNED

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    I spoke with a guy a few days ago that sold his 10,000 BitCoins almost two years ago for $0.60 each. Needless to say he was pretty upset considering in todays market that would have been worth over $10,000,000! Just goes to show how unpredictable these types of investments are.

    Veyron
     
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  3. Patel

    Patel Senior Member

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    Was that the guy that posted the thread the other day here on BHW?

    It looks like overstock.com gave a nice boost to bitcoin after announcing they are accepting it for payments yesterday. They got 124k worth of sales in the first 21 hours of accepting it.

    I think we are witnissing the beginning of mainstream adoption
     
  4. Beven

    Beven Elite Member

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  5. Patel

    Patel Senior Member

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    Yeah but that one was pretty sidetracked from the original topic of wether it will fail or not. It ended up being 14 pages of google alerts for the word Bitcoin.

    I have seen alot of general questions about bitcoin being started in new threads too. They can post them here.

    No offense to W130SN intended, he did a great job keeping the thread updated. I thought it would be good if we had a thread about general talk of cryptos instead of if they will succeed or fail. Hope he'll join in here.
     
    Last edited: Jan 11, 2014
  6. ok888

    ok888 Jr. VIP Jr. VIP Premium Member

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    I was really tented to buy in the beginning and when china bank blocked bitcoin


    Does anyone still thinks bitcoin is a good investment even now?
     
  7. Patel

    Patel Senior Member

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    yeah, I still think its a good investment. Even at 860. Reason is, there is so much infrastructure and innovation being built from the Bitcoin ecosystem. I have no doubt that the price at the end of this year with double what it is now. Double at minimum.

    Most of these big companies in the Bitcoin world havn't launched yet. Circle, Coinsetter, Fortress Investment Trust, Winklevoss Bitcoin Trust (if approved) have not launched yet, but after they do it will launch the price as well. VC money will be making 2014 a great year for Bitcoin. But then again, everyone here expected me to say that. :p
     
  8. Patel

    Patel Senior Member

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    Vitalik Buterin and Charles Hoskinson working on a new innovative cryptocurrency called Ethereum.

    Ethereum: A Next-Generation Generalized Smart Contract and Decentralized Application Platform

    I am not sure if anyone here at BHW have heard of Mastercoin, but it had one hell of a ROI for initial investors. Initial investors paid 1 btc for 100 mastercoins during the month of August. Currently, 1 mastercoin sells for .18/btc compared to the 0.01/btc in the investment round. That's an ROI of 1699.995% in 4-5 months.

    Ethereum is another competitor in the space, it is aiming to provide the same investment opportunity that Mastercoin did, as well as innovative new features in the cryptocurrency space. It aims to provide all the features that Mastercoin, Colored Coins, & many other competitors provide, additonally:

    Here are some additional features Ethereum aims to have:

    1) Crop insurace. One can easily make a financial derivatives contract but using a data feed of the weather instead of any price index. If a farmer in Iowa purchases a derivative that pays out inversely based on the precipitation in Iowa, then if there is a drought the farmer will automatically receive money and if there is enough rain the farmer will be happy because their crops would do well.

    2) Generic insurance, relying on one of a specified set of third-party judges to adjudicate claims. The contract can even include a complex appeals process if so desired.

    3) A decentrally managed data feed, using proof-of-stake voting to give an average (or more likely, median) of everyone's opinion on the price of a commodity, the weather or any other relevant data

    4) An offer to participate in a cryptographically secure, trust-free peer-to-peer bet

    5) SatoshiDice. The entire gambling site can essentially be replicated on the blockchain using either peer-to-peer bet functionality or a centralized model.

    6) A full-scale on-chain stock market. Prediction markets are also easy to implement as a trivial consequence.

    7) An on-chain decentralized marketplace, using the identity and reputation system as a base.


    Here is the whitepaper:
    http://pastebin.com/NCGRv74u

    =====================

    This looks to be a promising investment opportunity for those in the cryptocurrency scene, and those who understand how much these types of applications will disrupt traditional finance platforms.
     
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    Last edited: Jan 11, 2014
  9. Patel

    Patel Senior Member

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  10. Patel

    Patel Senior Member

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  11. hamskeet

    hamskeet Junior Member

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    do those automated traders work o.o?! i have been doing a little reading on bitcoins. not looking to invest, it just really interests me
     
  12. Patel

    Patel Senior Member

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    yes they do work. There are some free bots that people post on different bitcoin forums. The more money you let the bot play with, the more it can earn you. But really nothing is as good as human trader. Trading on trends in the best. Bad news = sell immediately, good news = buy immediately. story of bitcoin price.
     
  13. maecenas23

    maecenas23 Jr. VIP Jr. VIP Premium Member

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  14. moose942

    moose942 Power Member

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    I have about $4,000 in dogecoins right now...I think it's going to go up a LOT. I've nearly doubled thus far.
     
  15. maecenas23

    maecenas23 Jr. VIP Jr. VIP Premium Member

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    I am not sure you want to heard Patel's opinion on this :D :D
     
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  16. boccas323

    boccas323 Newbie

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    Lol I would have killed myself! :rocketwho
     
  17. Patel

    Patel Senior Member

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    Lawyer for Winkelvoss Twins' Bitcoin ETF Says SEC Review Going Smoothly

    Sound like this is gonna give a nice boost to the Bitcoin price after it gets approved. It might even be what stabilizes the price.

    So for bullish news recently, heres a list:

    • Winklevoss Bitcoin Trust
    • Circle launching soon (Coinbase competitor)
    • Google confirms their payments team is working to incorporate bitcoin (rumor?)
    • Fortress Investment Group creating Bitcoin fund
    • Bitcoin 0.9 being released soon (New features: OP_RETURN & Payment Protocol)
    • ZipZap allowing cash deposits into exchanges at retail locations
    • Neo & Bee growing fast

    Also some famous Bitcoin dev's/evangelists are working for Bitcoin companies

    Gavin Andreson - Coinbase
    Mike Hearn - Circle
    Jeff Garzik - Bitpay

    I have a feeling, on 12/30/14 it wont really matter if you got in at 800, or 1000. It will be like saying (at this time), whether we got in at 300 or 400, doesn't really matter because both doubled up at minimum at this time. Still a good time to buy Bitcoin I think.

    Congrats, nice to see people making money in cryptos.

    Eh, I was proven wrong. I never thought Doge would bubble twice. I called it RIP after the first bubble, but I was pretty surprised to see it come back bigger than before. Whoever is the creator/dev of Doge, they did a good job of picking a niche that Reddit would follow. Reddit community made this coin what it is today. It's like exploiting a trend on Reddit to pump up the coin easier. Pretty genius for whoever created it, but I don't lose sleep at night for not investing in it.
     
    Last edited: Jan 23, 2014
  18. Patel

    Patel Senior Member

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    Add TigerDirect.com to the list of bullish news

    :clap2:

    Go btc go
     
  19. phirex

    phirex Power Member

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    Glad to see you are still into Bitcoin.
    I've been making some nice profits with doges
    still holding that offer for you for my bitcoin project if u remember :)
     
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  20. Patel

    Patel Senior Member

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    thanks phirex, and yes I still remember :cool:

    Anyone looking to time their entry in the bitcoin market, the the next couple days is your window of opportunity! then its choo choo time.