Bitcoin

I might just have to buy BTC for 250€ and see what happens. It'll be fun! I just don't have a clue as to how it works though...

What site do I check for current prices?
 
Capital gains tax if you've made enough to set off any red flags with the IRS. On a side note. DDoS much? lol people are panic selling like crazy right now.
 
Donations please?

1NgXVHQcNRcDqt6bVcBkYRyzsEfawMP8Ax

I had like $2, got it up to $4 using SatoshiDice but lost it.
 
Hahahahaha wowza

http://www.guardian.co.uk/technology/2013/apr/10/bitcoin-new-high-losing-160

'Wednesday's wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name "Bitcoinbillionaire" had given away $13,627.69896 worth of Bitcoins to Reddit users over the day. The mystery donor signed off with a quote from Ron Paul, libertarian politician and one-time would-be presidential candidate: "It's no coincidence that the century of total war coincided with the century of central banking." '
 
That wasn't the bubble bursting it was panic selling. It got as low as $100-105 before settling at $160, so anyone that was prudent with some money on the sidelines could have made 60% yesterday.

I see it starting another rise back up.
 
If it continues to rise it wasn't a bubble bursting it was market manipulation. Every "bubble" has periods of decline and cooling off. It's pretty telling that it rose from $100 back to $160 after declining so substantially.
 
I've read the while thread with no prior bitcoin knowledge. With this much risk, debate and add the fact it is on ther Internet, yeah fucking right. How is it not a scam.

If the debate goes back and forth saying "I think" or your predicting the future...it's a scam!
 
The Internet can fabricate graphs and prices..

Would you trust a Nigerian on the street holding a graph on a sign promising you mad coin?

Didnt think so....
 
it's only a scam if you're retarded and fuck yourself over by holding onto them too long, unless you want to keep them. study it, watch the price, know when to sell and you'll be golden.
 
I made a thread yesterday becasue I searched and didnt see this one..

First question:

Whats mining for bitcoins?

I'm looked to start trading them if thats possiable. Is there a secondary market where you can buy options, futures...? I'm not looking to invest, purlying trading at this pt.

Is there anywhere that has charts/ money flow, volumes, moving averages and current bitcoin rates?
 
mining bitcoins is how BTC is created. i don't know much about it but I know there are pools that generate bitcoins by using a complex algorithm (since actually generating a bitcoin by yourself is unlikely). a quick google search will show you some 'user-friendly' GUI-based apps. here's a good thread: https://bitcointalk.org/?topic=3878.0

if you're looking to trade look into signing up an account with coinbase.com. they offer low fees, however it requires a bank account and takes a while for cash to be transferred into your account.

as far as charts, see my previous post:

blockchain.info/charts/market-price

as you can see the price is still 8x what it was back in february, but the market did take a tumble yesterday. like i said in previous posts, I purchased when it was about $35 and sold yesterday at about $180. not too shabby for holding on for 2 months. anyhow, now is the time to buy IMO, give the market a few days and it will bump back up

 
possibly to secure your assets when the dollar goes to shit (i dont actually know what im talking about, basically talking out of my ass here)
 
hey man, how much did you end up making?

My friends and i bought about 50 Bitcoins back in November when they about $10 but we ended up using them on SR. Really kicking ourselves now.
 
OUCH. that 8 ball probably lasted a couple nights huh? ;)

well, i'm not going to count my chickens before they hatch...i'm transferring my cash from my wallet via bank transfer so it will take another day or two before I can say for sure how much i made.

I bought ~84 BTC at $35 a piece and with fees it came in at a little over 3k. Sold at ~180 yesterday morning so it came in at about 15.3k so about 12k profit. i won't be quitting my day job, lol

i honestly think that BTC will raise in value again...the SR ain't goin nowhere
 
you'd be surprised at what's available on the linked black market. Everything from cars to clothing to accessories and houses. At 160$ a coin, with a botnet, one could easily secure tens of thousands of dollars in coins that are redeemable for real assets. But also you can buy drugs. And children. What's not to love?
 
This market is sooooo unstable and everyone is blaming mtgox,

always accepting

1NgXVHQcNRcDqt6bVcBkYRyzsEfawMP8Ax
 
I'm sure a child drug pinata can be arranged with the right people for the right price. I bet they'd even give you a markdown for paying in bulk.
 
I haven't payed any attention to Bitcoin, and I only have an incidental understanding of it (wtf is "mining"), but can someone explain to me how this is different from a small-scale Tulipmania? Where my fellow finance majors at?
 
No idea what the second part of your question is. But I asked someone who claim to know what mining is And he told me that bitcoin is an open code so anyone can read the code and try to make a program to mine coins. Again I'm not 100% sure if that's what it is that's just what I was told.
 
Ya I have so much more faith in the bitcoin than the dollar... this thread has proved it's a great way to "secure your assets"
 
Tulipmania = tulips in the Netherlands were a fetish item that bubbled. Local economy became so invested in them until people lost faith in the price and the bubble popped, devastating the local economy.

I don't fully understand Bitcoin because I don't understand what bit coins are, and every description I read is so confusing. Something about extracting code...I don't see what the actual asset is, which makes me wonder if the Bitcoin currency is just a modern-day tulip on a smaller scale.
 
the bubble will burst again, but no one knows when. if you have money to lose, then I'd suggest trying it because you could probably still double your money fairly reliably in the next few weeks. Just have a price set to sell at, and don't curb

There are gonna be plenty of people holding till the end of time because they think this will become a big commodity, when there are just plenty of small marketmovers controlling the prices right now, which is why there are so many spikes.
 
You basically download a "miner" program that will let you participate in various mining parties where miners try to solve fragmented bitcoins. The loot is then split between every miners who helped solve the puzzle ONCE it is solved. The process needs time and a good GPU. The most lucrative miners usually have access to some sort of lab class to run many miners.
 
Well yeah, but where does the code come into play in all this?

I understand that currency is an imaginary agreed-upon standard of value in a society, and I know that Bitcoins eventually fit this model. What I don't understand is where the mining comes into play. Your computer solves random equations...why?
 
its because a new block is made every 10 minutes as a record of all transactions that happened in that past time.

since i'm terrible at explaining, heres a section from the bitcoin wiki on blocks:

Each block contains, among other things, in its block header a record of some or all recent transactions, and a reference to the block that came immediately before it. It also contains an answer to a difficult-to-solve mathematical puzzle - the answer to which is unique to each block. New blocks can't be submitted to the network without the correct answer - the process of "Mining" is essentially the process of competing to be the next to find the answer that "solves" the current block. The mathematical problem in each block is difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. There are multiple valid solutions for any given block - only one of the solutions needs to be found for the block to be solved.

Because there is a reward of brand new Bitcoins for solving each block, every block also contains a record of which Bitcoin address is entitled to receive the reward. This record is known as a generation transaction, or a coinbase transaction, and is always the first transaction appearing in every block. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years).

Bitcoin transactions are broadcast to the network by the sender, and all peers trying to solve blocks collect the transaction records and add them to the block they're working to solve.

The difficulty of the mathematical problem is automatically adjusted by the network, such that it targets a goal of solving an average of 6 blocks per hour. Every 2016 blocks (about two weeks), all Bitcoin clients compare the actual number created with this goal and modify the target by the percentage that it varied. This increases (or decreases) the difficulty of generating blocks.

Because each block contains a reference to the prior block, the collection of all blocks in existence can be said to form a chain. However, it's possible for the chain to have temporary splits - for example, if two miners arrive at two different valid solutions for the same block at the same time, unbeknownst to one another. The peer-to-peer network is designed to resolve these splits within a short period of time, so that only one branch of the chain survives.

The client accepts the 'longest' chain of blocks as valid. The 'length' of the entire block chain refers to the chain with the most combined difficulty, not the one with the most blocks. This prevents someone from forking the chain and creating a large number of low-difficulty blocks, and having it accepted by the network as 'longest'.

https://en.bitcoin.it/wiki/Blocks
 
You must log in or register to reply here.
Back
Top