Bitcoin & Bitcoin Mining

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Im on localbitcoin now and have created an account

I search to buy bitcoins and it comes up with a list of sellers i assume but the prices are quite high (1250 lowest, upto 1600, edit ugh just realised its AUD so higher)

But what is with the location and how important is it?

I would probably prefer cash deposit into a bank account, so if I find a seller willing to do this method with a 90min payment window, do I have 90minutes once placing the order to get to the bank and deposit?

also cash meets seem quite risky for the obvious reasons, how common are these?
 
JuddsABlue said:
But what is with the location and how important is it?

I would probably prefer cash deposit into a bank account, so if I find a seller willing to do this method with a 90min payment window, do I have 90minutes once placing the order to get to the bank and deposit?

also cash meets seem quite risky for the obvious reasons, how common are these?
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location doesn't matter if you are doing an online transaction. they do have a think were you can do face to face transactions but always seems dodgy as * to me.

correct, the 90 minutes means you have 90 minutes to place the order and get to the bank. if you have access to a smart phone you can message the guy or even cancel the order if there are delays en route.

i have only ever done cash deposits. apparently there have been numerous scams with false bank transfers, and back charges and what not so a lot of vendors will only accept you're money after the bank has verified a legitimate account and they have access to the money. for a new account this could take days.

obviously cashing into a bank account comes with risk, but that's why i've never gone with a vendor who has anything other than 100% feedback, and always with 70+ transactions.

at the moment there is no one doing cash deposits only that i would go with but if you look in this guys advert

https://localbitcoins.com/ad/22689/purchase-bitcoin-anzbankwestperth-cash-247-australia

he says

If you deposit cash straight into my account from a local anz/bankwest branch you will get your BTC on the spot.

He's got 100% rep and 100+ transactions.

You could do a bank transfer but it would take time. I'd be surprised if you had the coins by Monday.

EDIT: He also says towards the bottom about an instant release method if you send him a photo of you and your id or something like that. i didn't fully understand it. got a splitting headache. i've not gone down this path before. i assume by instant release he means as soon as he gets the photo, even before the money has cleared into his account. who knows.
 
unless you want them quickly for trading does it really matter if it takes a few days to get your coins? the price you pay/amount of bc you receive is locked in once the order or payment is made, correct?

ive known about bitcoins for a long time but never really looked in to them at all. kicking myself now.
 

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Does anyone know where/how I can buy fractions of a bitcoin? What is a marketplace people would recommend?

I am thinking of doing it just for fun. If I make a return on my investment then fantastic, personally though I have a fascination with CC and other emerging internet phenomena, so it would give me motivation to track the progression of bitcoin.
 
As mentioned above, localbitcoin and getbitcoins would be about the only two i would trust. I would highly advise not to do face to face transactions for obvious reasons. I increased my portfolio by 15% last night in a couple of hours, and it could have been more if i had been patient. People are still really wary of bitcoin, and massive panic selling is the norm. One negative article in the press or some high profile government official giving out warnings etc is enough to send the panic sellers into a tailspin. If you hold your nerve there are gains to be made.
 
if you had just left work last night and come back this morning and had a look you would think there was just a little blimp in the market, not the absolute chaos that ensued last night.

i'd love to know why out of all the crypto's ProtoShares was the only one that didn't get effected and just kept a slight upward trend. so hard to predict these things.
 
after watching last night I'm a little reluctant to buy at its current price, kind of hoping to see another dip but either way I think I'll be buying very soon
 
The Passenger said:
if you had just left work last night and come back this morning and had a look you would think there was just a little blimp in the market, not the absolute chaos that ensued last night.

i'd love to know why out of all the crypto's ProtoShares was the only one that didn't get effected and just kept a slight upward trend. so hard to predict these things.
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Yes absolutely. If you wish to make gains by day trading, you have to be quick to pull the trigger, as sometimes it can be over in minutes. There are apps that follow the markets and will sound an alarm when there is a fluctuation % that you can set.
 
True__Believer said:
Yes absolutely. If you wish to make gains by day trading, you have to be quick to pull the trigger, as sometimes it can be over in minutes. There are apps that follow the markets and will sound an alarm when there is a fluctuation % that you can set.
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yeah i had the app then lost my smartphone.

no day trading for me. way too much stress. gonna just sit and hold.
 
I understand where Greenspan is coming from, and I do tend to agree... But then I think what instrinsic value does my own bank account have? Yeah I can get cash for it. But If everyone does a rush on the bank there's not enough cash to go around.

So essentially we are just hoping everyone plays nice and trusts the banking system, which for the most part we will because it's better for everyone to do so.

But when someone direct deposits to their landlord essentially what is happening is the digits on their computer read x amount less than the did a few minutes ago, and his will read x amount more.

The irony will be when we move to a cashless society the "modern" technology of virtual currencies will act more like an old school cash transaction than "old fashioned" way of using our cards.

And aside from a centralised point, what difference would there be between a card only currency and a virtual currency?
 

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Juggalo Balla said:
Interesting.

http://www.bloomberg.com/news/2013-...-bubble-without-intrinsic-currency-value.html

I think he's right. It has no intrinsic value and it's just a bubble. I'd rather buy a Koala or a Kookaburra.

Computer data isn't scarce at all. Many competing crytocurrencies are popping up trying to cash in on the hype of Bitcoin. You can't just come out and compete with a new type of scarce metal.
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So what is Greenspan's view on fiat currency, considering it has no intrinsic value?

Such a terrible argument, probably because he doesn't like the implications of a successful CC.
 
DivideandMultiply said:
So what is Greenspan's view on fiat currency, considering it has no intrinsic value?

Such a terrible argument, probably because he doesn't like the implications of a successful CC.
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That's why Greenspan created bubbles and burst them. There was never value, he was a wizard in the way he could make people believe there ever was.
 
Can anyone explain the rational of investing in CC's with the exception of bitcoins?

Bitcoins will continue to rise in price as more companies begin accepting them in exchange for goods/services. Thus I don't think this is a bubble, however I do believe bitcoin will either bust or boom, there is no middle ground. What do other CC's offer, as I'm far as I'm aware they do not have any real tangible use.
 
Juggalo Balla said:
That's why Greenspan created bubbles and burst them. There was never value, he was a wizard in the way he could make people believe there ever was.
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Listen, I am sceptical about CC's, but I am even more sceptical of the claim none will ever have any great utility.

Bitcoin is starting down the road of legitimate currency and it is completely plausible this will continue.
 
RU486 said:
Can anyone explain the rational of investing in CC's with the exception of bitcoins?

Bitcoins will continue to rise in price as more companies begin accepting them in exchange for goods/services. Thus I don't think this is a bubble, however I do believe bitcoin will either bust or boom, there is no middle ground. What do other CC's offer, as I'm far as I'm aware they do not have any real tangible use.
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The market will slowly stabilise as it becomes less a playground for speculation and more a means of exchange.

I think one of the great benefits of BtC is it's utility as tool to shift funds across borders. Especially in countries with tight currency controls like China.
 
another crash overnight... looks like it's still on the back of this china announcement.

surprised at how non tempted i have been not to pull the trigger and sell all my CC's off.
 
getting pounded now.

this is probably the biggest hit i can remember since they went from $30 to $3 about 18 months ago
 
If this happened to the currency of any nation there would be mass panic and rioting on the streets. The sheer ability of bitcoin to have these price drops and then be able to bounce back is quite remarkable. This is now a great time to buy. The finance sector will do everything in their power to crush this, however i think it may be too late now.
 
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