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Bitcoin & Bitcoin Mining

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Smiling Buddha said:
Perhaps.

Or perhaps it comes from an understanding of mathematics (the bitcoin algorithms will not be broken for decades at least) and/or an understanding of currency (fiat currencies depreciate, bitcoin's total potential money supply does not increase).

I'm happy to put a bet on bitcoin reaching $1000 by the end of this year. You up for it?
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The cool thing here is you don't need to bet on it, you can just buy it

No doubt IMO it'll rally again, long I've got no idea
 

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back to about 600USD which is the same it was pre MtGox going down, but still well down on the ~800USD it was at the time MtGox announced they were stopping withdrawals.

I moved all my CC's into bitcoins ready to cash out through local bitcoins if there was any quick crash, but they stabilised about 480.
Juggalo Balla said:
If you have something to add about the security of alternative exchanges that would be good.
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To be fair It's pretty hard to add anything because you don't really know if there are going to be any problems until they actually announce them or do something unusual such as Mt Gox stopping wd's.

For this reason you shouldn't have any significant portion of your coins in an exchange, but should be in USB storage, and if you're BTC represent any significant portion of your wealth then you should a method whereby you can get your BTC into an exchange as quick as possible in the event of a collapse.

The problem all BTC based business face is that you're system must be 100% on the ball. 99% is not good enough as the MtGox disaster has shown (although with all the other complaints about MtGox over the years you could argue their system was operating at about 90% functional)...
 
anyone wanna guess when aurora coin is gonna start plateauing?

was $48/USD last night, was upto $70/USD about an hour ago and now $77/USD.

surely to late to get on the boat? market cap is already $800m USD, if it were to double that would make it the second largest market cap of any of the coins within weeks of being released.

the plan for this coin is to release 14 AUR to every person in Iceland on March 25.
 
Auroracoin appears to me to be quite the ingenious scam.

The guy who thought it up deserves the millions of dollars he will make from it.

And the consequences he will suffer if and when he is captured after he sells the pre-mine.

Note that it is NOT backed by the Icelandic government. It isn't backed by anything.

I would desperately LOVE to be proven wrong on this. It would be a game-changer.

But if I know one thing about human nature, it is that money corrupts people.
 
Smiling Buddha - fwiw i agree that it's a scam. but if one can make some money on it and get out before shit hits the fan (no doubt things will be very unpredictable for auroracoin on March 25)... reckon might have missed the boat. if i had've moved my BTC into AUR and back again today I would have gone from 3.579 BTC to ~6 BTC.

MazaCoin is another with a similar concept and apparently has been taken up as a legal tender by the Lakota People but they are pretty impoverished so who knows if they even matters. It is up 400% in the last day.

DarkCoin was being talked about on bitcoin talk as one with the potential to go boom next but I can't really work out what makes it different.

CureCoin is in the process of being released and just may be another. Apparently the proof of work will be actually solving scientific works as opposed to just random hashing algorithms.

It's hard but not impossible to predict. I think if you paid good attention to the bitcointalk forums and cyrptotalk forums you should be able to get on top of the alt CC's with a fairly solid hit rate. There is a lot of pump and dump going on and those paying attention are scoring well.
 
Smiling Buddha said:
The Passenger

So you accept that it is a scam but still want to get in on it?
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I'm not saying get in on it and let the coins sit there for any significant period of time. you gotta get in and out and do it in quick time - a day or two max. EDIT: and you'd be pretty brave to put any more than about 1/3 - 1/2 of your CC portfolio into a pump and dump coin.

aurora coin is too late i reckon.
Tayl0r said:
These coins seem like a great way to defraud people. You create a coin, mine the coin for months to build up a stockpile, release the coin, it gathers momentum, your 15% stake goes up 10000% and you sell. Off it runs by itself and you laugh to the bank.
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that is exactly what a number of people have done.
 

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Smiling Buddha said:
But if I know one thing about human nature, it is that money corrupts people.
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I'm looking right at your sig when I read that :p

It's funny how one scam coin after another is being pumped and dumped.

The miners are just making mug money hand over fist.

By "miners" I mean people that have access to a lot of computers they don't own and don't pay the electricity bill on like network admins for large offices and educational institutions.
 
The Passenger said:
I'm not saying get in on it and let the coins sit there for any significant period of time. you gotta get in and out and do it in quick time - a day or two max.
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Yeah, so you effectively want to profit from a ponzi scheme that you yourself can see is a ponzi scheme.

No offense brother but that shit is unethical and you will reap what you sow, mark my words.
 
Smiling Buddha said:
Yeah, so you effectively want to profit from a ponzi scheme that you yourself can see is a ponzi scheme.

No offense brother but that shit is unethical and you will reap what you sow, mark my words.
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to be honest i'm not seeing it being unethical - mainly because calling it a ponzi scheme is pushing it a bit. from what i know the only coin that has actually collapsed completely is mooncoin - the price started at 0.00000040 BTC and is now at 0.00000002 BTC (about 5% of the original price). the developers profited from that who scammed a bunch of people, mostly the original investors.

those who bought into some of the other coins which have fallen dramatically (NovaCoin, PrimeCoin) are still left holding something - both those named are about 1/4 of their value from the top price... and those who bought in at the top would have been wise to sell off well before.

it's no different to the regulated market where someone sees people flocking to buy a bunch of shares and you get in with them at the ground floor, or close to. the biggest difference is that everything is operating in the CC market about 20 times quicker than it does in the regulated market so when needs to be on the ball when they are doing it.

if i sent my by 3.5 BTC to MazaCoin yesterday on the back of this news - http://www.independent.co.uk/life-s...-derivative-as-national-currency-9165314.html - and cashed them back right now for ~16 BTC on the back of the 500% price growth in the last 24 hours would that be unethical?

your last comment is sorta right though - anyone looking to follow the CC market around short term alt CC's is gonna have to be prepared to take some hits when their alt CC doesn't go up as expected.
 

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FWIW I'm staying away from alt currencies, mainly because I haven't got the time or excess cash to risk picking the volatility. One crypto-currency's volatility is more than enough to keep track of.

Spotting this great post on /r/Bitcoin citing some genuine negative aspects of Bitcoin that have yet to be addressed. Food for thought, will the innovation overcome these hurdles or will they prove too strong and limit Bitcoin in the long term?

http://www.reddit.com/r/Bitcoin/comments/1zmsbx/genuine_concerns_as_to_why_i_now_no_longer/

(Post is listed below)
I'll obviously get down voted to hell here, but I feel it's right to voice my genuine concerns. I'm not looking to bash Bitcoin (it's about my only investment as I believe in it long-term), yet in the interest of balance:

  1. It's too slow for retail transactions:
Unlike most people here I'd assume, I use Bitcoin a few times a week to pay for food and drink. Normally in London, sometimes Berlin. The transactions can take a couple of minutes (no exaggeration) to verify. It can be pretty awkward at times. Compare this with the new NFC credit card technology we have (in the UK at least) where you just tap your card against the reader and the payment processes instantly, no QR codes, no confirmation waiting time, no passwords or numbers - I don't even need a mobile phone. Credit card fees aside, why would a supermarket ever adopt Bitcoin over this?

  1. Digital security is WAY behind digital currency
This part scares the hell out of me. Some people are walking around with files that are worth as much as a house. Sure you can back up, back up a back up, use 2FA, change your email passwords every day, use an on screen keyboard, buy a brand new computer that has never been connected to the Internet to make paperwallets to store in a fireproof box, store your encrypted USB back ups in a safety deposit box... but it still scares me. I still have nightmares about being knocked over one day, taking a blow to the head and forgetting passwords.

Never before have we had to protect such valuable files and every day we see posts here on /r/bitcoin[1] of people losing fortunes. I know there's the whole QE thing, the banking bail outs and all the other shit that comes with fiat currency, but at least if my credit card gets stolen, I'm insured and protected.

  1. The recent MtGox implosion -- and the subsequent reaction
MtGox has lost nearly $500,000,000. Yet all I see is:

"Why would you have money on an exchange anyway?"

"It's good that MtGox has gone"

"Hahaha, all the stupid greedy people have lost their money"

"It's the free market DUH! Bitcoin will survive"

All of these statements, however true, are quite disgusting. People had a lot of money in MtGox for various reasons; I saw very very few indications or posts that suggested bankruptcy (it was the world's most popular exchange). It doesn't make them foolish, greedy, or deserving to lose their collective $500m.

The alternatives right now are unregulated, Slovenian and Russian websites. Go back a few weeks and I would've placed money on BTC-E stealing everyone's funds before MtGox. Assuming BTC-E does disappear for some reason over the next 12 months and we'll no doubt see a bunch of posts from people along the lines of:

"Idiot! Why would you wire money to an unregulated Russian website?"

"You knew the risks, it's your fault"

"You should've learned not to trade BTC after MtGox... greedy"

Sure Bitcoin will survive. Set backs are set backs though.

  1. Consumer protection
This one won't be too popular with you lot but here goes:

Trezor - they look my 1BTC/$600 about 6 months ago on the basis that they would provide me my Trezor within 3 months. It's been about 6 months now. There's no estimated shipping date, just a lot of delays. If I had paid with Paypal or CC, it's likely that I'd have my money back by now -- could've at least have made a complaint. Trezor won't give me a refund and there's not much to stop them from running off with everyone's money.

Butterfly Labs - See above.

I also bought some random Bitcoin keyring off a site that no longer exists. Paid my money, nothing came, gone.

All of this has left me extremely cautious when purchasing anything over the Internet with Bitcoin. You may be ok with a large established site like Overstock, but I'd never buy anything from a Bitcoin start-up as I have no protection in comparison to Paypal or Credit Cards. Bitcoin really does suck for these kinds of transactions, you hand all power over to the vendor and relinquish all consumer rights.
 
Tried to buy £100 worth of Bitcoin today and as I was pressed the transfer button Barclays suddenly kicked me out of internet banking and wouldn't let me access it again. After calling the number provided they told me I need to call another number which is only avalible Monday-Friday 9am-5pm and would not disclose why my account was suddenly blocked. So basically I have no access to my internet banking until Monday morning all because Barclays suddenly don't like me. It's either because of my Bitcoin purchases or because I also made a whole heap of travel bookings today using my card but I'm not sure which it is, I'll be sure to ask them. This whole incident further confirms my belief that bitcoin will succeed, none of this bullshit business of blocking people from accessing their own money.
 
ash_1050 said:
Tried to buy £100 worth of Bitcoin today and as I was pressed the transfer button Barclays suddenly kicked me out of internet banking and wouldn't let me access it again. After calling the number provided they told me I need to call another number which is only avalible Monday-Friday 9am-5pm and would not disclose why my account was suddenly blocked. So basically I have no access to my internet banking until Monday morning all because Barclays suddenly don't like me. It's either because of my Bitcoin purchases or because I also made a whole heap of travel bookings today using my card but I'm not sure which it is, I'll be sure to ask them. This whole incident further confirms my belief that bitcoin will succeed, none of this bullshit business of blocking people from accessing their own money.
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Sounds so mjuch like a scam.
 
ash_1050 said:
Tried to buy £100 worth of Bitcoin today and as I was pressed the transfer button Barclays suddenly kicked me out of internet banking and wouldn't let me access it again. After calling the number provided they told me I need to call another number which is only avalible Monday-Friday 9am-5pm and would not disclose why my account was suddenly blocked. So basically I have no access to my internet banking until Monday morning all because Barclays suddenly don't like me. It's either because of my Bitcoin purchases or because I also made a whole heap of travel bookings today using my card but I'm not sure which it is, I'll be sure to ask them. This whole incident further confirms my belief that bitcoin will succeed, none of this bullshit business of blocking people from accessing their own money.
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Strange belief. The fact that major financial institutions deliberately obstruct transactions regarding bitcoins makes you MORE certain that this will succeed?

I think it just shows how distrusting society is of these sham make money quick schemes.
 

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