Bitcoin & Bitcoin Mining

[Freak Dodgeball Accident]

Seeing a big drop at the moment. I have missed out twice now buying while prices are low, I'm going to make sure I don't miss out a third time. Working afternoon shift this week so I will finally be able to get up to the bank in time.

 

[The Passenger]

Seeing a big drop at the moment. I have missed out twice now buying while prices are low, I'm going to make sure I don't miss out a third time. Working afternoon shift this week so I will finally be able to get up to the bank in time.

Yeah another standard day on the rollercoaster. hit 1k again a couple of days. my BTC/LTC/PPC got up to 4.1k but have now dropped to 3.4k - Won't be surprised if it drops back to 2k again. Was as low as 1.4k about 3 weeks ago.

If I paid more attention and went through bitcointalk.org I could probably make some money as a lot of the latter swings have been somewhat predictable. But i'm happy enough at the moment to sit and watch and ride the wave.

It can't be a currency in its own right, it will depend on fiat, and so it is in a way simply, at best, a proxy for fiat currency, and at worst a mere method of storage of fiat currency 'value'. A solution to the true fundamental problems of federal reserve banking, fractional reserve, fiat currency etc and the evils they wreak, bitcoin is not.

I guess the ultimate aim of cryptocurrencies is where it won't depend on fait currency. Nothing will be able to do that in a short space of time, it will probably take a good few decades so it's not surprising that's its still reliant on fiat.

You can't say fait would never be overtaken. Fait's "only" been around since the 11th century, so it took over from something else (probably bartering, I'm not sure). But you can be governments around the world will fight tooth and nail to keep CC's as nothing more than an alternate currency.

You're probably right though that it won't be bitcoin. Usually in technology it's about the 3rd or 4th (or even later) iteration of an idea that really takes off.

One of the things at the moment is all these other coins are essentially bitcoins just using modified algorithms. There's not really been an idea that's advanced the cause in the way that Kazaa advanced on Napster, and then Bittorrents advanced on Kazaa. Ripple is possibly an advancements as it's a monetary system as well but I haven't looked at it properly.

 

[Smiling Buddha]

1) Why on earth do you check your portfolio value every day? I'll give you the hot tip: if you are in cryptos to make money, then you will end up dissatisfied and possibly bitter. You might even make a 'profit', but you will still end up dissatisfied and possibly bitter. Why? Because you are focused on money, which ends badly no matter whether that money is a pink fiat note with the Queen on it or a virtual currency housed on hard-drives.

2) The only way cryptos overtake fiat is if they become as convenient and trusted as fiat. People like me trust the bitcoin system but we are few and far between, and even people like myself don't pretend for a moment that cryptos are as convenient (or even could be as conveneint) as plastic notes.

 

[clogged]

You can't say fait would never be overtaken. Fait's "only" been around since the 11th century, so it took over from something else (probably bartering, I'm not sure).

Bartering hasn't been an accepted transaction in civilisation for nearly 4000 years - if ever. There are even schools of thought that the idea of 'debt' and 'credit' existed before hard currency, given that bartering is a highly imperfect method of transaction.

All the problems with today's monetary systems are the same as they have been for ever. Read up on the Crisis of the Third Century.

 

[Freak Dodgeball Accident]

http://mobile.news.com.au/finance/b...-currency-coinye/story-fn5lic6c-1226797601352

Hahaha that's awesome. Might mine some tomorrow while they're new and getting media attention. Then sell sell sell!

 

[Rustin Cohle]

Doge is going strong. $1500 and counting.

 

[True__Believer]

Doge is going strong. $1500 and counting.

The Dogecoin community on reddit has donated $30,000 in order to help the Jamaican bobsled team go to the Sochi Winter Games.

http://www.reddit.com/r/dogecoin/co...e_jamaican_bobsled_team_to_the_winter/ceu5d3e

 

[Quivorir]

So im looking into this Doge Coin thing, have managed to amass about 50 or so in an hour. With the price so low I was thinking of chucking a few bucks at them but cant find where? All the sites reddit link me to seem to sell them for bitcoin, which I don't have. Is it possible to buy this shit using paypal or something or do I need to just keep mining getting free coins to make any?

 

[The Passenger]

So im looking into this Doge Coin thing, have managed to amass about 50 or so in an hour. With the price so low I was thinking of chucking a few bucks at them but cant find where? All the sites reddit link me to seem to sell them for bitcoin, which I don't have. Is it possible to buy this shit using paypal or something or do I need to just keep mining getting free coins to make any?

most (maybe all?) traders require you to buy bitcoins first. i think some you can buy fait to buy litecoins. but generally the process is fiat -> bitcoin -> xxxxCoin

 

[Quivorir]

Well that's annoying.

 

[Gough]

Well that's annoying.

I'm interested in this too but when it requires a level of tech savvy greater than what's possessed by the modern ten year old, I'm out. I have to have this shit dumbed down for me.

 

[Quivorir]

Yeah I don't fully understand it either, but if this thing gets to even half the value of bitcoin ill have a bit of cash, if I can work out how to sell it

 

[True__Believer]

cryptsy.com but like mentioned earlier you will need to buy bitcoin and then transfer it.

 

[Rustin Cohle]

Yeah I don't fully understand it either, but if this thing gets to even half the value of bitcoin ill have a bit of cash, if I can work out how to sell it

Will never happen.

 

[The Passenger]

Yeah I don't fully understand it either, but if this thing gets to even half the value of bitcoin ill have a bit of cash, if I can work out how to sell it

There is 35 billion dogecoins in circulation, and only 12 million bitcoins which will be maxed out at 23 million. on that basis it won't happen.

 

[ash_1050]

Sold my first bitcoin for cash last night, still getting over how incredibly easy it is to do offline transactions. Netted myself an easy £30 profit as well as the price difference between cash and online sales ensured I was able to buy the same amount of bitcoin back at a cheaper rate online.

 

[The_Reaper]

Sold my first bitcoin for cash last night, still getting over how incredibly easy it is to do offline transactions. Netted myself an easy £30 profit as well as the price difference between cash and online sales ensured I was able to buy the same amount of bitcoin back at a cheaper rate online.

And this is why nobody will ever take bitcoin seriously as a currency.

 

[Gough]

The guys who made the doge coin helped fund the Jamaican bobsled team for the winter Olympics, which was nice of them I thought.

 

[The Passenger]

The guys who made the doge coin helped fund the Jamaican bobsled team for the winter Olympics, which was nice of them I thought.

was it the guy who made it or just a bunch of guys who have formed part of the doge coin community?

it would explain why DC missed the drop in prices that hit every other CC in the last week or so.

 

[Rustin Cohle]

was it the guy who made it or just a bunch of guys who have formed part of the doge coin community?

it would explain why DC missed the drop in prices that hit every other CC in the last week or so.

It was from the community on Reddit. One guy donated 20mil in dogecoins, which just about covered the entire amount.

Doge missed the price drop because it's being pumped by Chinese investors at the moment.

 

[Papa Juggs]

Scam coins are the latest craze.

Just pump and dump.

Works every time though. Mooncoin is the latest of these clones.

I like Peercoin myself. Proof of stake just makes sense.

All the rest are scam coins. Biggest of all is Megacoin and Dogecoin close behind.

 

[The Passenger]

If anyone runs the bitcoin client at the moment I think we are seeing a real limitation on the system. If you don't run the client for a couple of days to update the blockchain takes about half an hour at the moment. This is only going to get worse, and for people who are knew the system it takes ages to download and process the whole blockchain. Even using the blockchain bootstrap it still takes a while to get up and running.

Currently Peercoin will update from a week behind in about 3 minutes. This is obviously because of the much smaller blockchain due to less transactions which is due to not being around near as long as bitcoin. I'm wondering if it is also due to the proof of stake concept, but I don't think it would be as this should only effect ability to mine.

 

[ash_1050]

And this is why nobody will ever take bitcoin seriously as a currency.

You can't just throw a dismissive statement out without explaining why. Because I was able to make offline transactions easily? Because there is a price difference between online and offline value? Because I made money by trading it? Is that the only reason why you think bitcoin will not work?

 

[The_Reaper]

You can't just throw a dismissive statement out without explaining why. Because I was able to make offline transactions easily? Because there is a price difference between online and offline value? Because I made money by trading it? Is that the only reason why you think bitcoin will not work?

no. Because you made arbitrage cash which perfectly illustrates how volatile the price of bitcoins are.

Why would anyone accept bitcoins instead of a legitimate currency? One American dollar is still worth one American dollar from one week to the next. One Australia dollar (in australia) is still worth one Australian from one week to the next.

 

[True__Believer]

no. Because you made arbitrage cash which perfectly illustrates how volatile the price of bitcoins are.

Why would anyone accept bitcoins instead of a legitimate currency? One American dollar is still worth one American dollar from one week to the next. One Australia dollar (in australia) is still worth one Australian from one week to the next.

No it isn't. Inflation? What was one dollar 'worth' ten years ago?