Anyone else use/mine Bitcoin?

[The End]

Anyone else here use/mine Bitcoin?

And/or other cryptocurrencies? I started a couple of months ago, mining dogecoin and litecoin. Unfortunately, I don't have very powerful mining hardware.

Bitcoin at the moment is under-valued and I took advantage, and purchased some for the very first time a few weeks ago. It should be a good investment.

Now I'm using a site to mine altcoins on the cloud. The site mines the most profitable altcoins, exchanges them for bitcoins, and pays out to you every 10 minutes. You exchange BTC for mining power (KHs), or you can exchange KH for BTC. You could also re-invest BTC back into buying more KH, so theoritcally your payout is a little more with each re-investment. There's a quick return on investment, between 160-200 days, after that its all profit. I've been using the site for weeks and it all works fine.

http://scrypt.cc?ref=baa8i

No electricity costs, no hardware to manage. It's pretty simple.

Anyone else in on bitcoin?

 

[KevanG]

I know nothing about it.

 

[runawayboulder]

Sounds dangerous

 

[jmc]

Bitcoin market is destined to crash from what I understand. Buy at your own risk.

 

[Teelie]

I wouldn't buy into them either. There's far too much shady antics going on with it and the cost of bitcoins is more than the cost of real world money to mine them when you factor in the electricity and other resource costs.

 

[terry78]

I know the world wanted it to be the next big thing in order to battle our current state of dwindling currency, but that **** got ****ed up big time...to coin a phrase.

 

[Teelie]

Don't you mean to bitcoin a phrase?

 

[terry78]

I know what I meant.

 

[The End]

What are you guys talking about?

 

[Teelie]

For someone who has an interest in Bitcoin and related currencies, you haven't been keeping up. The short answer is Bitcoins have taken a lot of hits on their reliability and stability in light of MtGox possibly at worst having embezzeled or at best lost a few hundred million dollars worth of them.

 

[chaseter]

Mining a non existent currency on the internet? Sounds plausible.

It's a pump and dump scam.

 

[The End]

For someone who has an interest in Bitcoin and related currencies, you haven't been keeping up. The short answer is Bitcoins have taken a lot of hits on their reliability and stability in light of MtGox possibly at worst having embezzeled or at best lost a few hundred million dollars worth of them.

No, this is exactly what I'm talking about, because I have been keeping up. MtGox going down has nothing to do with the stability of bitcoin itself. And that what happened with MtGox, happens with paper money and credit ALL the time.

After MtGox went down in February, bitcoin fell to about $418. Today, 1 bitcoin is worth $565.5. MtGox sure caused a lot of people to freak, but clearly is NOT the end of bitcoin. And to put it in perspective, in 2010 1 bitcoin was worth $0.004.

If the whole thing were just a simple scam, it would have died ages ago. Instead, after the collapse of an exchange, its going back up in value

So this is what I mean. Perhaps, you don't know as much about it as you thought

Going into the future, no joke, bitcoin could become THE dominant currency.

Bitcoin cuts out the third party. This is why banks and governments are scared of it. You always know how many bitcoins there can ever be, you always know how many bitcoins are in circulation, but banks and governments can run all sorts of scams under the monetary system. Governments and banks frequently print more and more money, and this causes inflation. We've seen this happen. This cannot happen with bitcoin. You have to trust banks under the current monetary system, and its the banks that screwed the economy. You don't need to trust a third party with your bitcoins; YOU are responsible for your bitcoins, and transactions are fast, easy, and secure. Your assets cannot be frozen, or removed by a third party.

 

[jonathancrane]

Bit coin? We all know that's going to evaporate---Dogecoin is where it's at. Wow.Such meme. Moar security breaches. So obscure.

(Sarcasm)

 

[The End]

Now's the time to get on this. (Well, 2009, 2010 would have been the ideal time)

It's under-valued right now, spend like $100 which in the long scheme of things is hardly anything.

Put some of it into mining on the cloud. A service that mines altcoins, auto exchanges for BTC, then pays out every 10 minutes. No worries about electrical costs, no pricey hardware to buy. http://scrypt.cc?ref=baa8i

I can guarantee you that chaseter would have told you to stay away from this in 2009/2010 'cause there are always cynical people. A tiny investment back then would have made you a millionaire today.

It's bitcoin's scarcity that gives bitcoin its value and going into the future it will (in my educated opinion) be worth a LOT more, than its worth today.

Guys, I've already made a profit after just a few weeks.

 

[Teelie]

You see, unlike traditional currency, there is no FDIC or other form of insurance if you lose your bitcoins. So while a bank robbery or bank going under is a bad thing, you won't lose money from it. It's covered. Lose a few million Bitcoins? Gone. Forever. Yet you put trust into a system that's already shown to be as flawed, as manipulated and as easy to scam people as one that at least has some protection built in.

All that horse**** about governments and banks, third parties, completely ignores the fact there are safeguards in place to prevent the very thing that happened to those customers at MtGox.

Not to mention again, the value of bitcoins is less than real world money in the costs to produce them. You might not be directly eating those costs but someone else is. And they are literally limited in number. Once that final number is reached, no more bitcoins. That's the end of that economy. You seem to think in your "educated opinion" this is somehow a good thing.

It's not a simple scam, it's a complex scam. Scams can go on for decades. There are so many of them that keep going because gullible people eat the lies fed to them by the people making a profit off of them.

Digital currency may well be the future but Bitcoin is not the answer. It's the sea shells of the eventual, real currency we'll use.

 

[The End]

I'm sorry, but I thought there was a big *** economic crash caused by banks this century? Of course people lose when the banks **** up.

MtGox wasn't secure, it isn't a reflection on the security of bitcoin itself, and it is wise to keep in mind that this is still a new and emerging technology, and other exchanges will learn to implement security solutions or the will fail. You are responsible for your bitcoin. The vulnerability only comes from user error.

Yes, its a good thing that BTC is limited in number, because paper money can and is printed more and more which decreases the value of the money that you own.

Bitcoin can be divided up into 8 decimal places today, and in the future can be divided up into even smaller amounts if so needed.

The thing about energy costs is the technology to mine bitcoins can be improved over time (such as the ASIC mining hardware).

If its a scam, what's the nature of the scam?

Bitcoin has a growing base of users and merchants. It isn't physical, bit it is backed by the mathematics.

 

[Teelie]

And what happens when Bitcoin suffers a similar or worse fate? Not IF, but WHEN. This is the nature of money. You have this idea an uninsured, virtual currency of no real world value is going to become bigger and better than existing currency.

I've never once said physical currency was immune to any problems but you keep dodging the answer to what happens when your virtual wallet is robbed? What recourse is there if someone steals your bitcoins? You lose it. No insurance, no way to reclaim the money. No court to contest it in or sue over.

That you can't see that shows how you've fallen for the Bitcoin fantasy. The nature of the scam? If it were that easy to uncover then it wouldn't be a very complicated scam. Of course the end result is to get money out of people who buy into it.

And you're also avoiding the amount of real world money being more than the virtual value of the currency. Yes, eventually the cost might go down per bitcoin in cost of electricty but right now it's not feasible. Instead you shift the responses to the defensible things instead of answering why we should invest in a currency that literally can gain and lose $100's of dollars in hours. Volatility like that is supposedly the thing you're rallying against.

And once the end of the currency is reached, no one else will ever have more money. There won't be more currency to adjust for inflation, to adjust for an increase in population or to prevent anyone from hoarding ALL of the money. You think the rich are bad now? At least they can't literally monopolize the currency into their favor and hold it all to themselves while freezing everyone else out.

 

[The End]

But I don't see HOW bitcoin can fail the way banks can.

We hold all of our money in banks. We hold a little pocket change on our person.

It's not the same with bitcoin. You, yourself, hold ALL your bitcoin. You put some on an exchange, to buy/sell with other currencies. If the exchange fails, you don't lose everything. And there isn't a central authority that controls bitcoin; it can't be used to cause inflation.

Your bitcoin wallet can be encrypted. If someone hacked and stole your wallet, the wallet is useless without the password. If people make the mistake of not encrypting their wallet, or not creating a backup, that's up to them. User error exists in ANY system.

Yup, its volatile, there is a risk in the short term, in the long term the potential benefits can be massive. If Bitcoin builds in terms of users and merchants, it will become less volatile. But by the time that happens, it will be too late to get the most out of jumping in early.

In the current system, people hoard money. It's what the whole '1%' thing was about. Only early adopters of bitcoin have an advantage, the super-rich do not control bitcoin. They DO control the current system.

Anyway, people have the information, they're aware of the advantages/disadvantages, they can do as they wish. I'm not gonna argue the issue and force anyone's arm.

 

[jmc]

Mining a non existent currency on the internet? Sounds plausible.

It's a pump and dump scam.

That's not the first time I've heard it been called a pump and dump scam.

 

[PalmerTheThing]

I did make some money off of bit coin but now that most of the wallet services have been crashed or hacked I had no reason to continue.

My friend and I ended up mining about 9 bit coins and this was back in the bit coin craze during December. I even quit work for a bit cause the money was great. We didn't keep them though, we sold them right before new years and made a pretty penny.

Then we sold our mining systems. Overall, it's pretty much a thing of the past to make CRAZY money off of bit coin unless something drastic happens to increase the value.

 

[jmc]

The Winklevoss Twins I believe were convinced it was going to hit something like $40K per coin.

 

[Mike_D202]

Someone please explain to me what the hell a bitcoin is, it's all greek to me.

 

[jolldan]

Someone please explain to me what the hell a bitcoin is, it's all greek to me.

Dude im in the same boat as you have no idea what it is. Only people I know have had it have used it for the silk road haha

 

[Mike_D202]

This is what I know:

-The first time I've heard of bitcoin, it was in an article where the guy who started "the silk road" got arrested and people used it to purchase illegal products.

-You pay a lot of money for one bitcoin, which makes no sense.

-people seem to be using it on the dark corners of the internet.

-a company who was starting big in bitcoin to introduce to the general public bailed out after stealing a lot of money.

It all sounds like a big illegal scam.

 

[jolldan]

Yeah definetly shadey stuff dude. My friend who uses it gets unbelievable amounts of spam now and it doesn't matter what kind of email filetr or protection he uses, not worth it for me.