Bitcoin

CRiP

CRiP

Active member
Any NS'ers getting into bitcoin recently?

The price is now up to ~$145 from under $50 a few weeks ago

As more companies begin to accept bitcoin as a form of payment the price continues to rise

I bought in a few weeks ago and ive already more than doubled my money

What does NS think about bitcoin?
 
Yeah apparently it did the exact same thing back in 2010, then it just bombed. Just have to make your money back before the market crashes again.
 
true but thats when it was just getting started. there are a lot of companies backing bit coin right now and i believe this will continue to drive the price upwards as demand increases for bitcoins
 
I forsee no one accepting Bitcoin. Maybe, maybe, a physical international currency in the far future, but not bitcoin.
 
Pretty much no one uses the Bitcoin-QT wallet anymore (the only remotely popular wallet that doesn't allow cold storage).

Anywho, I'm a big bitcoin advocate and my friends and I have built a rather robust mining network from school computers. Easy way to make some cash
 
I know bitcoins are a form of internet currency... but what the hell is all this about leaving your computer on and bit coin mining?
 
yup, i dumped a few grand of savings back in february when it was $35. i was thinking about selling when it hit $80 but i've held on. might sell soon though.

I've used bitinstant/bitfloor/coinbase to buy.

where's your gold standard god now, libertarians?
 
Interesting concept. I've only ever heard them referred to and read very little about them, but its an odd idea, really cool to me.
 
You're an idiot you think because you made one good investment you're suddenly a professional who knows what the fuck he is talking about. You're playing a very dangerous game do some research and learn your shit. I really don't know too much about it bitcoins but I can't imagine an internet currency being a good Stable investment.
 
idk why you're getting so upset about this. I did my research and I understand the risk involved, but so far it has payed off. And yes, I am now a professional
 
Not this. Mt. Gox is completely rebuilding their system and by the end of the year this will be completely a nonissue. Attacks only happen to drive the price down, so the attackers can purchase-> *wait* price rise->attack->repeat. No one is trying to collapse the entire system; just stay infront of the information and ride the profits yourself.
 
God damn I almost bought some when they were at like 80$ last week. I couldn't find a way to buy/sell using paypal though.
 
No, because attacks don't directly devalue the currency. People panicking over attacks does, but the eb and flow of the process is months> in magnitude which is certainly enough stability for the amount of people participating in the system currently. MG is completely rebuilding their system and that will be in place by the end of the year so wait until then if you're really concerned about it. If bitcoins fails it will be from the number of people trading greatly exceeding the amount of computing power people donate to validate the transactions (proponents argue the BTC incentive to donate cpu should be enough but you never know..). But this death will be a slow and clunky one, arising from a system that may be too overstable by nature.

It may not end up being bitcoins, but a currency of the same concept is clearly the direction money will head. People can jump on the front end now and share some spoils or be the luddite that missed out on the .com boom because they were too scared of the bubble.
 
Because people are buying bitcoins because the price is so high and its a classic indicator of a bubble. Also the same thing happens in the stock market all stocks prices go up people start to make a lot of money. Next thing you know everyone invested their money in the stocks that were showing profitt then it crashed and people who invested most of their money lost everything.
 
true a lot of people think it may just be a bubble, and it absolutely could be, but i personally dont think it is right now. I think at some point there will be a bubble and obviously a large crash to follow before it can stabilize but for now it appears to only be rising. Its impossible for anyone to know what the price will be tomorrow or a week from now but i think theres still a lot of growth to come
 
I am mad at you because you keep saying "i think" sorry I'm coming off as a dick but thinking will get you no where. I has the same Mistake when I first started investing I thought I should buy into a company that sells a non Seasonal product. I figured crayola crayons were pretty good they. pretty much owned the business and people always bought them. Needless to say the stock went down and that was my first huge loss I lost about $250$ I had no idea what I was doing but I thought I did at the time.
 
thanks for the advice man. i know it doesnt really matter what i think will happen to the market. Its really just wishful thinking but if bitcoin continues to rise at this rate there is a lot of money to be made
 
i really would like to get some bitcoins, but i dont have close to enough money. also, i planned on getting a whole bunch of litecoins when they were at $2.50 the other day. never got around to it, wish i did.

also i think I'm going to start mining, i have an amd fx 8350, so i should be able to get a small amount
 
I'm running dual radeon hd 6850's and i tried mining a couple of months ago. It didn't work out at all. I joined a pool and I actually made a couple of cents for the couple of hours i was running my computer but in the end i decided that the extra load on my computer wasn't worth it. i'm sure if i had kept mining from when i started to now i would have a substantial amount of money. Especially with bitcoins going up in price now. If you do it be prepared to have your computer running hot for as long as you want to mine.
 
Huge bubble. Will crash. I promise you that. Bitcoin advocates agree. I bought bitcoins when they were 4bucks and spent them, bought again at 34 and spent them. Kicking myself in the face now.
 
holy fuck. i bet bankers and bank owners around the world are shitting themselves trying to figure out what to do.
 
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yep
 
lol @ the haters.

in the time this thread has existed BTC has risen in value from ~150 USD to 260 USD and will probably hit 300 by the end of the week.

still haven't sold yet, can't believe i've turned 4k into almost 30k....shit is SO cash.
 
God I wish I had gotten in when it was selling for $0.10. I'd be able to retire with only a $5000 investment.
 
I know somebody who had 3500 bitcoins stored on a HDD...he bought that when they were like $0.15 back in 2009 or something

house got broken into, computer stolen, bitcoins gone. no backup.

retard thieves probably had no idea what they had
 
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